The recent disposal of Fortum's stable, regulated Swedish electricity distribution network has weakened the company's business risk profile, in our view. We believe that the company's financial risk profile will not strengthen for long enough to offset the weakened business risk profile. We are lowering our long-term rating on Fortum to 'BBB+' from 'A-', and affirming our 'A-2' short-term rating and our 'K-1' Nordic regional scale rating. We are subsequently withdrawing the Nordic regional scale ratings at the company's request. The stable outlook chiefly reflects our anticipation that Fortum's future investments in growth would be within existing core product areas and primarily within existing geographical regions. On June 5, 2015, Standard&Poor's Ratings Services lowered its long-term corporate credit
