Strong competitive position as one of the largest integrated utilities in the Nordic region. Well-diversified and competitive generation portfolio. Stable electricity distribution and heating operations. "Moderate" likelihood of extraordinary support from the Finnish state. Exposure to competitive and increasingly challenging Nordic power markets, and volatile power prices. Growing exposure to higher-risk Russian power market. Sizeable capital expenditure program. Cash flow volatility related to currency hedges. The ratings on Finnish power utility Fortum Oyj reflect its position as one of the largest integrated utilities in the Nordic region, its diverse and competitive generation portfolio, and its stable electricity distribution and heat operations. These strengths are partly offset by the group's exposure to the competitive and increasingly challenging Nordic electricity wholesale and
