S&P has affirmed AA+/A-1+ rating on Employment Fund and revised its outlook from stable to negative aligning the rating with Finland

Employment Fund  
Stock Exchange Release  
May 8, 2026 at 18.50

Credit rating agency S&P Global Ratings revised its outlook on Employment Fund from stable to negative on May 8th, 2026. The outlook is the same as that of Finland on April 24, 2026. At the same time, S&P affirmed that Employment Fund's long- and short-term credit ratings remain unchanged at AA+/A-1+, which is the same credit rating as Finland.  

S&P equalizes its ratings on Employment Fund with the Finnish government’s credit rating. Revision of Employment Fund’s outlook reflects the corresponding change to S&P Global Ratings’ outlook on the Republic of Finland. According to S&P Global Ratings, Finland’s negative outlook reflects persistent risks to Finland’s public finances stemming from low growth, ageing demographics, and rising defence and interest expenditure.  

Employment Fund has issued a EUR 600 million senior unsecured bond on June 16, 2020. The bond is due on June 16, 2027. In 2020, S&P Global Ratings assigned a credit rating of AA+ to Employment Fund's bonds. 

Helsinki, 8 May 2026  
Employment Fund          
Henri Pohjanen   
Chief Financial Officer         

Further information:               
Karo Nukarinen, Managing Director, +358 50 564 0920        
Henri Pohjanen, Chief Financial Officer, +358 40 709 2806  

Distribution:     
NASDAQ OMX Helsinki           
Media           
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