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European rating agency. Objective, transparent, independent.

Teollisuuden Voima Oyj

Rating History

Rating Watch Outlook Decision Date Action Validity Date Maximum Validity
BBB- Outlook STA 06.12.2021 09.12.2021
BBB- Outlook NEG 19.06.2020 25.06.2020
BBB- Outlook STA 24.10.2018 29.10.2018

News

  • 09.12.2021
    Creditreform Rating AG confirmed the unsolicited corporate issuer rating of Teollisuuden Voima Oyj (TVO) at BBB-. The outlook has been revised from negative to stable. Because TVO operates according to the Mankala model, its creditworthiness is mainly derived from its shareholders. We currently consider the Company´s shareholder base sufficient to support the unsolicited corporate issuer rating of BBB-. A further significant rating factor is the fact that the OL3 project is now in its final stages and is scheduled to commence regular electricity production in June 2022. The amendments made to the ‘´Global Settlement Agreement´´ have provided TVO with relief regarding the OL3 project as it reduces completion risks and covers delays until September 2022. Delays extending beyond September 2022 are not covered by the amendments made to the agreement and constitute a risk for the Company.
  • 25.06.2020
    Creditreform Rating AG confirmed the unsolicited corporate issuer rating of Teollisuuden Voima Oyj at BBB-. The outlook has been revised from stable to negative. The primary rating drivers behind this decision is the delay in fuel loading for the OL3 project, which was last planned for June 2020 and which might delay the commissioning of the OL3 power plant. The signed settlement agreement of March 2018 between TVO and the supplier consortium does not protect TVO from further significant delays. Additionally, the currently low prices also put further downward pressure on the corporate issuer rating.
  • 29.10.2018
    Creditreform Rating has carried out an unsolicited rating of Teollisuuden Voima Oyj. The rating has been set to BBB- with stable outlook.