On June 2, 2005, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Denmark-based gas and energy company DONG A/S to 'BBB+' from 'A-'. At the same time, Standard&Poor's removed the long-term rating from CreditWatch, where it was placed with negative implications on Feb. 9, 2005. Standard&Poor's affirmed its 'A-2' short-term corporate credit rating on DONG. The outlook is stable. The rating action follows yesterday's announcement of an agreement between DONG and Vattenfall AB (A-/Stable/A-2), by which Vattenfall acquires power and heat-generating assets in Elsam A/S and Energi E2 A/S in return for its 35% ownership stake in Elsam. The downgrade reflects Standard&Poor's view that DONG's short- to medium-term credit protection
