On July, 14, 2008, Standard&Poor's Ratings Services revised its outlook on Denmark-based gas and electricity utility DONG Energy A/S to stable from positive. At the same time, we affirmed the 'BBB+' long-term and 'A-2' short-term corporate credit ratings on DONG Energy. The outlook revision is based on our expectations that DONG Energy's EBITDA in 2008 will be on a par with that in 2007, which in combination with an investment program of about Danish krone (DKK) 50 billion is likely to prevent DONG Energy's financial risk profile recovering as we previously anticipated. The ratings continue to reflect DONG Energy's strong position in the Danish energy market, its regulated gas and electricity distribution operations, which generates stable and predictable
