nuclear-news

Standard & Poor’slowers the credit rating of the Finnish firm Teollisuuden Voima Oyj (TVO)

Credit ratings agencies downgrade nuclear power company TVO, YLE, 24 May 16 

One of the big three credit ratings agencies operating on the world stage, Standard & Poor’s, has lowered the credit rating of the Finnish firm Teollisuuden Voima Oyj (TVO) from BBB-/A-3 to BB+/B.

The nuclear power company is owned by a consortium of power and industrial companies in Finland, the largest shareholders being the energy firms Pohjolan Voima and Fortum…….

Construction of a third TVO plant unit, Olkiluoto 3, has been plagued with problems from the start and is now seven years behind schedule. TVO has several pending disputes with the unit’s suppliers. In 2012, TVO submitted a claim and defence to the International Chamber of Commerce for damages due to delays……

In July 2010 the Finnish Parliament ratified a decision-in-principle from the government concerning TVO’s application to construct a fourth plant unit, Olkiluoto 4. In September 2014, the government however rejected TVO’s application to have the validity of the decision-in-principle extended. http://yle.fi/uutiset/credit_ratings_agencies_downgrade_nuclear_power_company_tvo/8902267

May 25, 2016 - Posted by Christina Macpherson | business and costs, Finland