Credit facilities and rating Fortum's business is capital intensive and the Group has a regular need to raise financing. Fortum has a diversified loan portfolio mainly consisting of long-term financing in EUR and SEK currencies. Long-term financing is primarily raised by issuing bonds under Fortum’s Euro Medium Term Note programme as well as through bilateral and syndicated loan facilities from a variety of different financial institutions. Financing is primarily raised on parent company level and distributed internally through various internal financing arrangements. Breakdown of loans on 30 September 2021 Loan portfolio and average interest rate on 30 September 2021 Total loans EUR 11,658 million Average interest for EUR loans 0.7% (2020: 0.9%) Average interest for Fortum Group loan portfolio including derivatives hedging financial net was 1.3% (2020: 1.5%). EUR 716 million (2020: 634) was swapped to RUB with average interest 6.7% (2020: 6.2%) including cost for hedging Liquidity on 30 September 2021 Short-term financing, EUR million Commercial Paper Programmes Total amount Outstanding Available Finnish CP Programme, EUR 1,000 million 1,000 594 406 Swedish CP Programme, SEK 10,000 million 983 329 654 Uniper CP Programme, EUR 1,800 million 1,800 1 311 489 Total 3,783 2,234 1,550 Liquid Funds and Committed Credit Lines Committed Credit Lines Total amount Outstanding Available Maturity Short-term Bilateral Overdraft Facilities, EUR 100 million 100 0 100 Valid until further notice Syndicated Credit Facility, EUR 1,350 million 1,350 0 1,350 November 2021* Long-term Syndicated Credit Facility, EUR 1,750 million 1,750 0 1,750 June 2023 Uniper Syndicated Credit Facility, EUR 1,800 million 1,800 0 489 September 2025 Total 5,000 0 3,689 Liquid funds Total amount In Fortum Corporation 4,438 In Uniper 1,797 Total 6,236 of which in Russia 319 Total Liquid Funds and Committed Financing 9,925 * The facility was cancelled in October 2021 EMTN programme of EUR 8 billion as of 30 September2021 Notes Amount Carrying amount Interest rate Maturity Rating/Listing Fixed rate MEUR MEUR XS0825855751 1 000 1,013 2,250 % 9/2022 Yes/Yes XS1956028168 1 000 999 0,875 % 2/2023 Yes/Yes XS1956037664 750 758 1,625 % 2/2026 Yes/Yes XS1956027947 750 755 2,125 % 2/2029 Yes/Yes XS0939100524 100 97 3,500 % 6/2043 No/Yes Floating rate MSEK MEUR XS0945849577 1,000 98 Floating 6/2023 No/No Total EUR 3,721 million Terms and conditions for these bonds issued under the EMTN programme can be found on the Luxembourg Stock Exchange. Key ratios 2014-2020 EUR million or as indicated 2020 2019 2018 2017 2016 2015 2014 Capital employed 26,239 19,929 18,170 18,172 18,649 19,870 17,918 Interest bearing net-debt N/A 5,260 5,509 988 -48 -2,195 4,217 Net cash from operating activities 2,555 1,575 804 993 621 1,381 1,762 ROCE, % N/A 10.0 6.7 7.1 4.0 22.7 19.5 Interest coverage 27.3 8.0 10.0 8.7 4.6 27.6 19.9 Interest coverage including capitalised borrowing costs 18.6 7.5 9.2 7.8 4.1 21.5 15.7 Funds from operations/interest-bearing net debt, % N/A 32.2 26.8 83.9 -1,503.4 -59.7 42.9 Gearing, % 45 40 46 7 0 -16 39 Comparable net debt/EBITDA N/A 3.0 3.6 0.8 0.0 -1.7 2.3 Fortum's current credit rating Rating agency Credit rating Rating valid from Latest report Standard & Poor's BBB/Outlook Stable 5 July 2021 Download (1 Sep 2021) Fitch Ratings BBB/Outlook Stable 28 June 2021 Download (12 Aug 2021) The older credit rating reports are available in reports and presentations archive. Fortum's credit rating history Did you find what you were looking for? 9 responses Yes Partly Not at all Back to top You are here: Fortum Investors Why invest in Fortum Credit facilities Credit facilities About us This is Fortum Strategy Open positions Our energy production Fortum worldwide Covid-19 information Services Fortum Battery Solutions Turbines and generators Power plant O&M and performance Find charging stations Fortum Circo® Recycled Plastics Licensing and safety design Investors In focus Reports and presentations Share information Calendar and events Corporate governance Contact us Our offices Media contacts Investor Relations Supplier inquiries Sales contacts Give feedback Raise a concern Follow us on social media Legal information Data privacy and cookies Legal Notice © Fortum 2021. All rights reserved