...- We believe that risks in the Nordic power market have increased over the last few years, and that price volatility will be larger in the future. We also anticipate that Vattenfall's underlying EBITDA exposure to unregulated power production will gradually increase over 2024-2026, likely to 80%-85%. - Vattenfall AB's business risk has therefore not developed as favorably as we expected when we assigned a positive outlook in November 2021, and, because of likely increased investment, we expect management to steer toward the upper end of its financial policy of funds from operations (FFO) to debt of 22%-27% over the medium to long term. - Nevertheless, we continue to view Vattenfall's position in Sweden as very strong, generating about 45% of the electrical power in the country, with an already very low emission profile and a diverse generation mix, which support a strong business risk profile. - We also expect Vattenfall's financial position to remain robust and supportive for the rating...
