KELAG is the dominant integrated power, heating, and gas utility in the Austrian State of Carinthia, with a very high market share in electricity retail sales and a competitive electricity generation fleet. We expect KELAG's operating and financial performance to remain resilient to depressed Central European power market conditions. We have revised our assessment of KELAG's liquidity to adequate from strong in light of an upcoming €250 million debt maturity that KELAG has not yet refinanced. We are affirming our 'A' long-term rating on KELAG. The stable outlook reflects our expectation that KELAG's dominant regional market position and competitive electricity generation asset base will enable it to maintain financial ratios commensurate with a modest financial risk profile over the next
