ACRA awarded Fortum a credit rating

AK&M 24 November 2022 18:04

Analytical Credit Rating Agency on November 24, 2022 assigned PJSC Fortum credit rating A+(RU), outlook "stable". This is stated in the agency's message.      

Credit rating of PJSC Fortum due to a strong operational risk profile. At the same time, a strong business profile is characterized by low supplier risks, low price and sales risks, as well as very high quality of fixed assets. Additional support for the operational risk profile is provided by a high level of corporate governance and the implementation of activities in developed regions with high credit ratings assigned by ACRA. However, the estimates of the operational risk profile are balanced by the average market position of the Company, the average debt load and the average debt service indicator.

PJSC Fortum is one of the leading manufacturers and suppliers of thermal and electric energy in the Chelyabinsk and Tyumen regions, as well as in the KhMAO. In addition, the company is the largest owner and operator of renewable energy facilities in Russia. The asset structure includes 7 thermal power plants with a total installed electric capacity of 4.6 GW and a total installed thermal capacity of 7.6 GW, as well as a portfolio of assets in renewable energy, including in a joint venture with a total installed capacity of 1.3 GW. By the end of 2021, the company's revenue and other operating income under IFRS amounted to 81.7 billion rubles, and adjusted ACRA total debt — 75.4 billion rubles.