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IPT on €500m WNG 5Y is MS+240a, books>€1b

Receives 2-notch uplift from BB- standalone rating on State of Finland (Aa1/AA+) that has a 55.7% ownership in the equity & history of financial support (as guarantor on loans, participation in equity raise & hybrid loan issuance - paid down since) during COVID. State of Finland also has 100% ownership in the airport operator & private co FINAVIA (managers 20 airports in Finland including logistics, cabin crew & ground handling). CoC with put at par for anyone who takes control (other than State of Finland) who causes a 1-notch downgrade from any rating agency. Demerger put at par as well.

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IPT on €500m WNG 5Y is MS+240a, books>€1b

Receives 2-notch uplift from BB- standalone rating on State of Finland (Aa1/AA+) that has a 55.7% ownership in the equity & history of financial support (as guarantor on loans, participation in equity raise & hybrid loan issuance - paid down since) during COVID. State of Finland also has 100% ownership in the airport operator & private co FINAVIA (managers 20 airports in Finland including logistics, cabin crew & ground handling). CoC with put at par for anyone who takes control (other than State of Finland) who causes a 1-notch downgrade from any rating agency. Demerger put at par as well.

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