...- Very low power prices in the Nordics over 2020-2021 and a 5%-10% reduction in power demand following the outbreak of COVID-19 will cause a shortfall in earnings for Vattenfall's power generation business. - However, increased EBITDA generation from certain business units, namely wind and heat, should support Vattenfall's cash flow, although we anticipate cash flow will be negative over 2020-2023 due to high investment levels, resulting in significantly weaker credit ratios. - Given the volatile market conditions and the potential impact on Vattenfall's working capital, we have revised our liquidity assessment to adequate from strong. - We are affirming our '###+' rating on Vattenfall. - The stable outlook reflects our view that management is committed to maintaining the current rating and would implement firm actions if needed to reduce spending and support credit ratios, as well as our assumption that funds from operations to debt will not fall below 20% over a prolonged period....
