STOCKHOLM (Standard&Poor's) May 11, 2004--Standard&Poor's Ratings Services said today it affirmed its 'BBB+/A-2' credit ratings on Finland-based energy company Fortum Oyj, following its announcement of an agreement to buy the City of Oslo's 54% stake in Norway-based utility Hafslund ASA. The outlook is stable. "The ratings affirmation reflects our expectation that Fortum's financial profile will remain adequate for the rating level, despite the addition of about €2.1 billion of debt to its balance sheet," said Standard&Poor's credit analyst Andreas Zsiga. The additional debt comprises the €660 million acquisition cost and about €1.4 billion of acquired debt. The acquisition will strengthen Fortum's Nordic utility operations. "The effect on business risk is marginally positive, given Hafslund's
