Fitch Ratings confirmed TVO's long term credit rating at its current level BBB- and changed the Outlook to Negative
Fitch Ratings has confirmed Teollisuuden Voima Oyj's long term credit rating at its current level BBB-. Fitch Ratings changed the Outlook from Stable to Negative.
The Negative Outlook reflects the latest announced delay of fuel loading, a critical milestone at the Olkiluoto 3 (OL3) project, caused by overall slow progress of works as well as disruption due to the coronavirus outbreak.
The Negative Outlook reflects the latest announced delay of fuel loading, a critical milestone at the Olkiluoto 3 (OL3) project, caused by overall slow progress of works as well as disruption due to the coronavirus outbreak.
The Negative Outlook also reflects the current weak power price environment, which according to Fitch will erode the value creation for TVO's shareholders. This is a key consideration for Fitch Ratings' assessment of TVO's credit profile.
The Outlook could be revised to Stable, if start of OL3 power production is reached by June 2021 or reasonably soon thereafter, together with improved power price environment.
For further information, please contact:
Lauri Piekkari, Senior Vice President, Treasury, Tel. +358 50 3578623.
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