Strong competitive position as one of the largest integrated utilities in the Nordic region. Well-diversified and competitive generation portfolio. Relatively 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 the higher risk Russian power market. Sizable capital expenditure program. Cash flow volatility related to currency hedges. The ratings on Finnish power utility Fortum Oyj reflect the group's stand-alone credit profile (SACP), which Standard&Poor's Ratings Services assesses at 'a-', based on its "strong" business risk profile and "intermediate" financial risk profile. They further include one notch of uplift based on our methodology for rating government-related entities (GREs)
