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Birka Energi AB Ratings Still on Watch Neg After Fortum Oyj's Strategic Review Announcement May 02
Standard & Poors, May 2002
Abstract
STOCKHOLM (Standard & Poor's) May 8, 2002--Standard & Poor's said today that its triple-'B'-plus long-term and 'A-2' short-term ratings on Sweden-based utility Birka Energi AB remain on CreditWatch with negative implications, where they were placed on Nov. 6, 2001, but that it recognizes the progress made by Birka's 100% owner, Fortum Oyj (not rated), in deleveraging and increasing its business focus. The CreditWatch update follows the recent announcement by Finland-based energy group Fortum that it will initiate a review of strategic alternatives regarding its Norwegian Exploration and Production (E&P) business, including a possible sale. 'A sale of Fortum's E&P business would be a positive addition to the significant progress already achieved in the disposal program outlined by Fortum at the...
Companies mentioned in this report are: Fortum Power & Heat AB,Vattenfall AB
Action: CreditWatch Update
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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