Leading domestic position in electricity and gas markets. Moderate share of stable, regulated, and monopoly-like operations. Vertically integrated gas operations, including own production. High industry-related risks in oil and gas exploration and production activities. Exposure to competitive markets and volatile electricity and gas prices. Negative free operating cash flows, reflecting a significant capital expenditure program and volatile commodity prices. The ratings on Denmark-based DONG Energy A/S are based on the company's stand-alone credit profile (SACP), which we assess at 'bbb+', and on our opinion that there is a "moderate" likelihood that the Danish government (Kingdom of Denmark; AAA/Stable/A-1+) will provide timely and sufficient extraordinary support in the event of financial distress. DONG Energy's SACP reflects the company's strong position in
