FRANKFURT (Standard&Poor's) Aug. 2, 2007--Standard&Poor's Ratings Services said today it revised its outlook on Austria-based utility KELAG AG to negative from stable, owing to the recently announced more aggressive long-term investment strategy by its majority owners. At the same time, the 'A+' long-term corporate credit rating on the company was affirmed. "We expect the scope of the announced investment program of up to €1 billion over a 10-year period cannot be solely serviced from internal cash flow, and that the company's financial profile may therefore weaken," said Standard&Poor's credit analyst Ralf Etzelmueller. "Nevertheless, we expect KELAG's investment strategy to be prudent," said Mr. Etzelmueller. As the approval process for generation projects in Carinthia is
