Fitch could downgrade Fortum

Fitch Ratings said it placed Fortum Oyj's long-term issuer default rating and senior unsecured rating of BBB+ on rating watch negative.

The short-term issuer default rating of F2 was also placed on negative watch.

Fitch said the negative watch reflects the downgrade risk associated with Fortum's intention to launch a voluntary public offer to Uniper SE's shareholders, which may cost Fortum as much as €8 billion for 100% of the shares and could lead to a revision of Fortum's rating guidelines if the two business are consolidated.

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