On Aug. 12, 2005, Standard&Poor's Ratings Services raised its long-term corporate credit rating on Finland-based utility Fortum Oyj to 'A-' from 'BBB+'. At the same time, the 'A-2' short-term corporate credit rating and 'K-1' Nordic-scale rating were affirmed. The outlook is stable. The upgrade of the long-term ratings on Fortum reflects the group's decreased business risk following the demerger of its oil business, continuing strong operating performance, and its solid financial prospects. The recent demerger of the higher-risk oil business also contributed to a further debt reduction. The financial improvement of recent years has boosted Fortum's financial position. Future financial prospects are solid, underpinned by the increased cash flow stability resulting from a higher share of utility operations.
