Vattenfall's business risk profile has weakened moderately due to deteriorating industry conditions, falling profitability, and pressure on cash flows. We believe these factors are also negatively affecting Vattenfall's financial risk profile, which we now view as "aggressive" as opposed to "significant" previously. We are lowering our long-term rating on Vattenfall to 'BBB+' from 'A-' and removing it from CreditWatch negative. The negative outlook indicates the possibility of a further downgrade if Vattenfall is unable to improve its financial risk profile and credit metrics to a level we view as commensurate with its 'bbb' stand-alone credit profile over the next 12-24 months. On Sept. 28, 2015, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Sweden-based utility Vattenfall
