The ratings on Fortum Oyj reflect the company's strong position in the Nordic energy market, controlling competitive and flexible generation assets and stable utility monopoly operations, and operating a complex oil refining business. Negative rating factors include exposure to volatile electricity prices crude oil prices and refining margins, as well as some asset, market, and feedstock concentration in the refining operations. The financial profile is improving from a weak position on the back of asset disposals and margin improvement. Fortum is 60.8% owned by the Republic of Finland, but no ownership support is factored into the ratings as the group is operated on a fully commercial basis. The group strategy focuses on energy utility operations in the Nordic region, and
