Our 'A-' rating on Finnish power company Fortum Oyj is derived from: Our anchor of 'bbb', based on our "strong" business risk and "significant" financial risk profile assessments for the company; An upward adjustment of one notch based on our comparable ratings analysis, primarily reflecting that interest coverage is strong for the financial risk profile and Fortum has a large share of stable cash flows from regulated activities; and One additional notch of uplift to reflect our view of Fortum as a government-related entity (GRE) with a "moderate" likelihood of receiving timely and sufficient extraordinary support from the Finnish government if in financial distress. A diverse and competitive generation portfolio. Stable electricity distribution and heating operations. Strong competitive position as
