STOCKHOLM (Standard&Poor's) June 15, 2005--Standard&Poor's Ratings Services said today it assigned its 'BBB-' long-term credit rating to the proposed 10-year no-call, perpetual, optionally deferrable, subordinated, and tax-deductible capital securities issued by Denmark-based energy company DONG A/S (BBB+/Stable/A-2). The completion and size of the transaction remain subject to market conditions. Standard&Poor's considers the notes to have an equity content of about 50 points, which factors positively the bond's: -- Deep subordination; -- 1,000 year maturity; and -- Optional, immediate, and unconditional remuneration deferability for an indefinite period of time. Principal and interest on the notes are unsecured and subordinated to senior debt obligations and rank senior only to common shares. The two-notch differential between Standard
