The ratings on Finnish power utility Fortum Oyj reflect its position as one of the largest integrated utilities in the Nordic region, its diversified and competitive generation portfolio, and its stable electricity distribution and heat operations. These strengths are partly offset by the company's exposure to the competitive Nordic electricity wholesale and supply markets, volatile wholesale power prices, exposure to the higher-risk Russian market, and a significant capital-expenditure program. The ratings further reflect our methodology for rating government-related entities and our opinion that there is a "moderate" likelihood that the Finnish government will provide timely and sufficient extraordinary support in the event of financial distress. This is based on our assessment of Fortum's: "Important" role, based on the government's categorization
