Pohjolan Voima Oyj's joint venture Teollisuuden Voima Oyj announces that Standard & Poor's has downgraded TVO's long term credit rating to BB

POHJOLAN VOIMA OYJ STOCK EXCHANGE RELEASE 15 APRIL 2020

Pohjolan Voima Oyj's joint venture Teollisuuden Voima Oyj announces that Standard & Poor's has downgraded TVO's long term credit rating to BB

Due to Covid-19 related delay in Olkiluoto 3 (OL3) fuel loading Standard & Poor's (S&P) has today downgraded Teollisuuden Voima Oyj's (TVO) long term credit rating from BB+ to BB; outlook negative.

According to S&P the timing and effect on OL3 commissioning is unclear and they expect that this will further increase project costs and postpone TVO's deleveraging, increasing the risk that the Areva (not rated) is unable to maintain sufficient funds for related obligations, including the two-year guarantee period.

The negative outlook reflects the risk that TVO's financial flexibility could diminish as a result of weaker counterparties or additional delays that could further increase already-high financial leverage.

TVO, a 57% owned joint venture of PVO, produces electricity with two nuclear power plant units located in Olkiluoto, Eurajoki (OL1 and OL2).

Distribution:
Nasdaq HelsinkI
www.pohjolanvoima.fi

For further information, please contact:

CEO Ilkka Tykkyläinen, Pohjolan Voima Oyj, +358 40 670 6056, ilkka.tykkylainen@pvo.fi
CFO Minna Laakso, Pohjolan Voima Oyj, +358 40 506 0802, minna.laakso@pvo.fi