Operations in 2002 Quarterly Data and Key Figures Board Report Consolidated Financial Statements Parent Company Financial Statements Financial Notes Auditors’ Report The Share Corporate Governance

	Operations in 2002 Value Creation Market Sales and Deliveries Financial Result Non-recurring Items Financing and Capital Expenditure Risk Analysis Risk Management Funding and Financing Costs Interest Rate Risk Financial Credit Risk Customer Credit Risk Supplier Risk		Reports 2002  >  Financials 2002  >  Operations in 2002  >  Funding and Financing Costs Funding and Financing Costs Stora Enso's funding policy states that the average maturity of outstanding loans and committed credit facilities covering short-term borrowings should be at least four years and at the most seven years. The policy further states that the Group must have committed credit facilities to cover all known funding needs, commercial paper borrowings and other uncommitted short-term loans. In accordance with the funding strategy, the Group diversifies sources of finance by increasing debt capital market issues, thus allowing the Group to take advantage of the longer maturities available in the corporate bond markets. In December 2002 the Group agreed a five-year risk mitigation facility of EUR 240 million with the European Bank for Reconstruction and Development (EBRD), the facility taking the form of a syndicated multi-purpose loan facility intended to facilitate investments in Russia and Eastern Europe. In January 2003 Stora Enso Oyj signed a multi-currency revolving credit facility agreement of EUR 2.5 billion, which has a maturity of five years and a margin of 0.425% p.a. over Euribor. The facility is for general corporate purposes including the refinancing of existing EUR 1.6 billion syndicated facilities.
	Funding Structure as at 31 December 2002 Currency million / Maturity EUR USD SEK Public issues Eurobond - EUR 850 / 2007 Finnish Serial bond - EUR 247 / 2004 Global bond- USD 750 / 2011 Medium-Term Note - SEK 1 386 / 2003- SEK 4 000 / 2006 Private placements EUR 191 USD 601 SEK 2 032 Short-term programmes Euro Commercial Paper Programme EUR 1 000 Finnish Commercial Paper Programme EUR 750 - Swedish Commercial Paper Programme SEK 10 000 Committed loan facilities Syndicated Bank Facility*) DEM 1 500 (EUR 766) / 2004 Syndicated Bank Facility **) EUR 2 500/ 2008 Syndicated Bank Facility*) USD 900 / 2004 - *) Multi-currency facility terminated on 17 February 2003 **) Multi-currency facility signed on 15 January 2003 Stora Enso considers the maintenance of two investment grade ratings an important target; the present rating and outlook from Moody's and Standard & Poor's are shown in the table Credit Rating.   Credit Rating as at 31 December 2002 Agency Short- term Long-term Outlook Moody’s P-2 Baa1 Stable Standard & Poor’s A-2/K-1 BBB+ Stable Note 2 - Financial Risk Management