...- On June 30, 2021, Finnish power generator Fortum Oyj announced the 2.9 billion sale of its 50% stake in Stockholm Exergi to a consortium led by APG. This adds to about the 2.2 billion of disposals already announced or executed since 2020. Fortum also has other assets under strategic review, and we expect that its S&P Global Ratings' adjusted debt to EBITDA will materially decrease to about to 2.0x compared to 3.3x in 2020. - Fortum's operating performance is also supported by improved power prices in its key markets--notably Germany and the Nordics-- after record-low levels in 2020. This should lead to reported EBITDA above 3.0 billion in 2021 compared with about 2.7 billion in 2020. - We revised the outlook to stable from negative to reflect our view that, following the Exergi sale, Fortum will post credit metrics commensurate with the current rating level in 2021, notably adjusted FFO to debt well above 35% and adjusted debt to EBITDA below 2.5x. We also expect the company to continue...
