FRANKFURT (Standard&Poor's) Jan. 17, 2003--Standard&Poor's Ratings Services said today it lowered its long-term corporate credit ratings on Austria-based utility KELAG AG (KELAG) to 'A+' from 'AA-'. The outlook is stable. "The rating actions reflect KELAG's exposure to potential medium-term pressure on its residential network tariffs because they are above the European average," said Standard&Poor's credit analyst Ralf Etzelmueller. "They also reflect its vulnerable position as a small player in a deregulated energy market and its relatively high leverage when compared with its peers," added Mr. Etzelmueller. Factors supporting the ratings on KELAG are its low business risk due to its strong position in the electricity supply market and its regional electricity distribution monopoly in
