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Debt investors
Funding strategy
Stora Enso’s funding strategy is based on the group’s financial targets. Stora Enso should have access to sufficient competitively priced funding at any time to be able to pursue its strategy and achieve its financial targets. In order to accomplish this, the emphasis is on capital markets funding. Stora Enso strives to build confidence and a track record with fixed-income investors by being informative and transparent.

The debt structure of Stora Enso is focused on capital markets, whereas banks are utilised primarily to provide back-up facilities. To balance exposures, funding is obtained in the currencies of the group’s investments and assets (primarily USD, EUR and SEK). Commercial paper markets are used for short-term funding and liquidity management.
Debt structure as at 31 December 2016
Public issues EUR 212 million 2018 USD 300 million 2036 SEK 480 million 2017
EUR 428 million 2019 SEK 2 060 million 2017
EUR 300 million 2023
Private placements EUR 175 million USD 50 million
Financial institutions EUR 430 million USD 990 million
Pension commitment loans EUR 6 million
Debt Programmes and Credit Facilities
Commercial paper programmes Finnish Commercial Paper Programme EUR 750 million Swedish Commercial Paper Programme SEK 10 000 million
EMTN (Euro Medium-Term Note programme) EUR 4 000 million
Back-up facility EUR 700 million Syndicated Revolving Credit Facility 20191
1 Undrawn committed credit facility EUR 700 million.
Rating strategy
The present ratings and outlooks from Moody’s and Standard & Poor’s (S&P) are shown below.
Ratings as at 31 December 2016
Rating agency  Long/short-term rating Valid from
Standard & Poor's BB (positive)/B 23 August 2016
Moody's Ba2 (positive)/NP 4 August 2016
Stora Enso’s goal is to ensure that rating agencies continue to be comfortable with Stora Enso’s strategy and performance. The Company’s strategy is to achieve liquidity well in line with the comfort level of the agencies. Review meetings are arranged with the Stora Enso management annually, and regular contact is kept with the rating analysts.
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Debt and loans in Note 26

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