(Editor's note: In the fifth paragraph of this research update, originally published earlier today, the issuer's intention to issue certain securities in case it redeems the instrument being issued was misrepresented as a straight condition for redemption. A corrected version of the article follows.) On June 15, 2005, Standard&Poor's Ratings Services 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,
