STOCKHOLM (Standard&Poor's) Feb. 9, 2005--Standard&Poor's Ratings Services said today it placed its 'A-' long-term corporate credit ratings on Denmark-based energy companies DONG A/S and Elsam A/S on CreditWatch with negative implications, reflecting the risk that DONG's potential cash acquisition of up to 76% of Elsam shares--including the preemption 35% stake held by Sweden-based utility Vattenfall AB (A-/Stable/A-2)--could result in a risk profile of the combined group that is too weak for the current rating level. At the same time, Standard&Poor's affirmed its 'A-2' short-term ratings on both companies. In addition, the 'A-' senior unsecured debt rating on Elsam was also placed on CreditWatch with negative implications. DONG's efforts to establish control over Elsam could
