The ratings on Denmark-based DONG A/S assume a completion of its Danish electric utilities acquisitions. This will result in a strong Danish energy market position integrating gas, electricity, and heating operations; access to competitive gas supplies; and significant monopoly operations in gas and electricity. This is balanced by competitive exposure in the electricity generation and gas supply business, operating risks of developing equity gas supplies, and significant exposure to the volatile oil and gas exploration and production business. The financial risk profile resulting from the acquisitions is commensurate with the rating. No support from the 100% owner, the Kingdom of Denmark, is factored into the ratings. The company is considered a commercial entity for which a partial privatization is planned
