On Feb. 3, 2004, Standard&Poor's Ratings Services affirmed its 'BBB+/A-2' corporate credit rating on Finland-based energy company Fortum Oyj, following its annual review of the company. The outlook is stable. The ratings on Fortum reflect its position as the second-largest Nordic utility, controlling competitive and flexible generation assets and stable utility monopoly operations, as well as operating a premium oil business in the Baltic Rim. Negative factors include exposure to volatile electricity and oil prices and refining cash flows, foreign exchange exposure in the oil business, as well as some asset, market, and feedstock concentration in the refining operations. The financial profile is adequate for the rating level. Total net adjusted debt was €6.3 billion at Sept. 30,
