Swedish state-owned multi-utility Vattenfall AB's operating profits continued to be negatively affected by adverse market conditions in the second quarter of 2015, and the company announced further large asset impairments. With a continued bleak outlook for Vattenfall's power generation operations, we see downside risk to the company's business risk profile, which may not be offset by a strengthened financial risk profile. We are placing our 'A-' long-term rating on Vattenfall on CreditWatch with negative implications. We aim to resolve the CreditWatch within the next three months, following a review of the company's business and financial risk profiles. On July 24, 2015, Standard&Poor's Ratings Services placed its 'A-' long-term issuer credit rating on Sweden-based state-owned multi-utility Vattenfall AB on
