KELAG is the dominant integrated utility in the Austrian State of Carinthia. The company continued its solid operating and financial performance in 2011, and posted strong key credit ratios. We are affirming our 'A' ratings on KELAG. The stable outlook reflects our belief that KELAG's business and financial risk profile will remain commensurate with the ratings over the medium term. On June 26, 2012, Standard&Poor's Ratings Services affirmed its 'A' long-term corporate credit ratings on Austrian utility company KELAG. The outlook is stable. The rating affirmation reflects our view that KELAG's credit profile is commensurate with the 'A' rating and our expectation that it will remain in this rating category in the medium term. The rating incorporates our
