The ratings on Danish integrated power and gas company DONG Energy A/S reflect its stand-alone credit profile (SACP) of 'bbb'. Our 'BBB+' long-term rating on DONG Energy is one notch above the SACP, based on our criteria for government-related entities (GREs), and our opinion that there is a "moderate" likelihood that the Kingdom of Denmark would provide timely and sufficient extraordinary support in the event of financial distress. This is based on our assessment of DONG Energy's: "Strong" link with the Danish government, given the state's current 80% ownership. Under a political agreement the government has to maintain a majority stake, and we assume no significant dilution in ownership following DONG Energy's proposed equity injection in 2013. "Limited" role. Notwithstanding
