Moody's changes Vattenfall's outlook from negative to stable

10/10/2003 12:05 PM EST

Moody's changes Vattenfall's outlook
from negative to stable

Moody's Investors Service today announced that the rating agency changes
its outlook on Vattenfall's A3 rating from negative to stable.

In its statement Moody's substantiated that "the change in outlook
reflects (i) the solid progress achieved on integrating the German
operations into the Vattenfall group; (ii) the group's strong cash flow
and progress in debt reduction in the first half of 2003, which have
resulted in a improving financial profile; and (iii) Moody's expectation
that the advances as regards business integration and debt reduction
will continue."

From Vattenfall's Press Office, telephone: +46 8 739 50 10.

For more information, please consult:
www.vattenfall.com (under Investors, select Credit Ratings).

Klaus Aurich, Head of Investor Relations, phone +46 (8) 739 6514.
Martin May, Head of Media Relations, phone +46 (8) 739 52 70,
mobile +46 (70) 539 52 70.