S&P Downgrades Issue Rating to BBB (stable)

Elenia Verkko Oyj €3,000,000,000 Multicurrency Programme for the Issuance of Bonds, unconditionally and irrevocably guaranteed by Elenia Oy, Elenia Holdings S.à r.l. and Elenia Investments S.à r.l.

S&P Global Ratings ("S&P") has downgraded the senior secured issue rating of Elenia Verkko Oyj by one notch to BBB with stable outlook effective as of 28 January 2022.

S&P placed the rating on CreditWatch with negative implications on 29 October 2021. According to S&P, the regulatory environment for distribution system operators in Finland has weakened as a result of significant changes to the framework in the middle of the regulatory period.

For further information, please contact

Mr Tommi Valento

Töölönkatu 4

00100 Helsinki

FINLAND

TEL: +358 407 208 951

DISCLAIMER - INTENDED ADDRESSEES

This announcement is a communication to the market. Nothing in this announcement constitutes an offer of securities for sale in the United States or any other jurisdiction. This announcement does not constitute a prospectus or a prospectus equivalent document.

This announcement has been delivered to you on the basis that you are a person into whose possession this announcement may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located and you may not, nor are you authorised to, deliver this announcement to any other person. The distribution of this announcement in jurisdictions may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities laws of any such jurisdiction.

Your right to access this service is conditional upon complying with the above requirement. 

End.