Danish Integrated Power And Gas Company Dong Energy A/S Hybrid Equity Content Revised To "Intermediate"; Rating Affirmed

Danish integrated power and gas company DONG Energy A/S has waived a certain call option right in its hybrid security documentation. As a result, we have revised our assessment of DONG Energy's hybrid equity content to "intermediate." We are affirming our 'BBB+' corporate credit rating on DONG Energy A/S and maintaining a stable outlook. STOCKHOLM (Standard&Poor's) Nov. 13, 2015--Standard&Poor's Ratings Services today affirmed its 'BBB+/A-2' long- and short-term corporate credit ratings on Danish integrated power and gas company DONG Energy A/S. The outlook is stable. We also affirmed our 'BBB+' long-term rating on DONG Energy's senior unsecured debt and our 'BB+' rating on its hybrid security (XS1227607402, €600 million). The affirmation reflects our revised assessment of

...+ Danish integrated power and gas company DONG Energy A/S has waived a certain call option right in its hybrid security documentation. + As a result, we have revised our assessment of DONG Energy's hybrid equity content to "intermediate." + We are affirming our '###+' corporate credit rating on DONG Energy A/S and maintaining a stable outlook. STOCKHOLM (Standard & Poor's) Nov. 13, 2015--Standard & Poor's Ratings Services today affirmed its '###+/A-2' long- and short-term corporate credit ratings on Danish integrated power and gas company DONG Energy A/S. The outlook is stable. We also affirmed our '###+' long-term rating on DONG Energy's senior unsecured debt and our '##+' rating on its hybrid security (XS1227607402, 600 million). The affirmation reflects our revised assessment of the equity content of DONG Energy's hybrid equity to "intermediate" from "minimal" on its most recent hybrid issuance, following DONG Energy's announcement that it has, by a legally binding deed, unconditionally...

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