Fitch says it will keep the rating unchanged because Fortum is now well protected against the losses of its German subsidiary Uniper.
From credit rating agencies Fitch Ratings also keeps Fortum’s credit rating unchanged at BBB with a negative outlook. On Tuesday, another credit rating agency, S&P Global Ratings, announced that it would also keep Fortum’s rating at BBB with a negative outlook.
Fitch says it will keep the rating unchanged because Fortum is now well protected against the losses of its German subsidiary Uniper. In July, Fortum concluded a package with the German government, the purpose of which is to stabilize Uniper’s operations.
Keeping the credit rating unchanged is very important for Fortum’s financing. The company’s goal is the classification BBB, so that the company can ensure financial flexibility and good access to financing.
Uniper has found itself in a predicament when it has not received the gas it needs from Russia, but has to sell the expensive gas it procured from elsewhere at a great loss.
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