LONDON (Standard&Poor's CreditWire) Feb. 22, 2000--Standard&Poor's today assigned its double-'A'-minus long-term rating to KELAG AG's proposed euro 150 million bond issue, to mature in 2007. KELAG (double-'A'-minus/Stable/--) is an Austria-based electric utility. The outlook is stable. The ratings reflect KELAG's low business risks from its strong market position as the public supply utility for the Austrian province of Carinthia--with favorable regulation and operations--and a robust financial profile. These strengths are partly offset by Carinthia's patchy growth record, KELAG's small size, and some uncertainty about the ultimate impact of electricity market reform. KELAG, 64% owned by Carinthia and 35% owned by Verbundgesellschaft (Oesterreichishe Elektrizitaetswirtschafts Aktiengesellschaft) (double-'A'-minus/Stable/--), is a vertically integrated utility, with regional monopolies in the distribution
