Danish integrated power and gas company DONG Energy has over the past year taken several measures to restore its operating and financial performance. This has led to a significant improvement of the group's credit measures, which we believe should be sustainable. We are therefore revising our outlook on DONG Energy to stable from negative and affirming our 'BBB+/A-2' ratings on the group. The stable outlook reflects our assumption that DONG Energy's recent operational improvements should be sustainable and that increasing operating cash flows from new wind power and oil and gas assets should support a financial risk profile at the higher end of our significant category. On May 15, 2014, Standard&Poor's Ratings Services revised its outlook on Danish
