The ratings on Finnish power utility Fortum Oyj reflect the group's stand-alone credit profile (SACP), which Standard&Poor's Ratings Services assesses at 'a-', based on its "strong" business risk profile and "intermediate" financial risk profile. They further include one notch of uplift based on our methodology for rating government-related entities (GREs) and our opinion that there is a "moderate" likelihood that the government of the Republic of Finland (AAA/Negative/A-1+) will provide timely and sufficient extraordinary support in the event of financial distress. This is based on our assessment of Fortum's "strong" link with the government, given the state's 50.8% ownership in Fortum, and "limited" role. Fortum's business risk profile benefits from the group's position as one of the largest
