Long-Term Local Currency Senior Unsecured Issues

News

• 09.06.2020
  Based on the unsolicited corporate issuer rating of Fortum Oyj (BBB / stable) Creditreform Rating has conducted unsolicited corporate issue ratings (ISIN) issued by Fortum Oyj. The rating objects in question are exclusively long term senior unsecured issues denominated in Euro, which have been issued by Fortum Oyj and included in the list of ECB-eligible marketable assets. The ECB list of eligible marketable assets can be found on the ECBs website. All the following issues (ISIN) are rated with BBB with stable outlook.
• 16.10.2019
  Creditreform Rating AG has adjusted the current unsolicited corporate rating of Fortum Oyj and the unsolicited corporate issue ratings of Fortum Oyj from BBB+ with stable outlook to BBB+ with supplement WATCH NEW. The main reason behind this decision is Fortum´s intention, announced on 8 October 2019, to acquire further 20.5% of shares on the German Uniper SE for a total consideration of approximately EUR 2.3 billion, thus increasing its share to 70.5%. The closing of the agreement between Fortum and the both major stockholders, Elliott and Knight Vinke, is subject to regulatory approvals in Russia and the United States. Despite the expected positive diversification and synergy effects, as well as enhanced influence over the Uniper´s strategy, we anticipate that the rating will be at first negatively impacted by the acquisition. In the case of closing the transaction, we expect a deterioration of Fortum´s financials following increased debt burden and as a result of consolidation effects. Furthermore, the business profile of Fortum would deteriorate due to the stronger focus of Uniper on fossile energy sources in its generation fleet.
• 25.04.2019
  Based on the unsolicited corporate issuer rating of Fortum Oyj (BBB+ / stable) Creditreform Rating has conducted unsolicited corporate issue ratings (ISIN) issued by Fortum Oyj.
  The rating objects in question are exclusively long term senior unsecured issues denominated in Euro, which have been issued by Fortum Oyj and included in the list of ECB-eligible marketable assets. The ECB list of eligible marketable assets can be found on the ECBs website. All the following issues (ISIN) are rated with BBB+.