Fortum achieves zero debt, earns key rating upgrade

Fitch Ratings upgraded Fortum's long-term credit rating to BBB+ from BBB, citing the Finnish energy company's improved financial strength and sustained reduction in debt.

The upgrade reflects Fortum's de-leveraging path since 2023 and Fitch's expectation that its leverage will remain low despite low power prices in the Nordics, the company said Tuesday.

Fortum reported its ratio for financial net debt to comparable operating profit was 0.0 times at the end of March 2025.

“This reflects our solid financial profile, our low-carbon and flexible generation fleet as well as our commitment to maintain a prudent capital structure,” said Tiina Tuomela, Fortum's Chief Financial Officer.

Fitch's Stable Outlook reflects its view that Fortum will balance dividend distributions and investments to adhere to its financial policy, according to the company.

The ratings agency S&P Global Ratings also affirmed Fortum’s long-term credit rating of BBB+ with a Stable Outlook in May 2025.

Fortum said its objective is to maintain a credit rating of at least BBB.