Leading domestic position in electricity and gas markets. Moderate share of stable, regulated, and monopoly-like operations. Heavily subsidized wind production. Exposure to competitive and increasingly challenging electricity and gas markets. Weak profitability in midstream gas operations. High industry-related risks in oil and gas exploration and production activities. Moderate financial policies, including prefinancing future investments well in advance. Significant capital expenditure program, contributing to pressure on credit measures and making the group reliant on asset disposals to limit debt increase. The negative outlook reflects our view that it could prove challenging for DONG Energy to improve its financial risk profile and credit measures to a level commensurate with its 'bbb' SACP over the next 12-20 months. We base this assessment on
