We have revised our assessment of equity content in DONG Energy A/S' €700 million hybrid securities, due 3010, to minimal from high, after reviewing the instrument under our updated criteria published in April. DONG Energy has announced an exchange offer, which combined with the issue of new hybrid securities, is intended to replace the €700 million hybrid instrument. We are affirming our 'BBB+/A-2' ratings on DONG Energy. The negative outlook reflects our view that DONG Energy could find it difficult to improve its financial risk profile to a level commensurate with the current rating over the next 12-18 months. STOCKHOLM (Standard&Poor's) June 10, 2013--Standard&Poor's Ratings Services said today it had affirmed its 'BBB+/A-2' long- and short-term
