The ratings on Denmark-based DONG Energy A/S reflect the group's strong position in the Danish energy market, with integrated gas, electricity, and heating operations; access to competitive gas supplies; and sizable regulated gas and electricity activities. These factors are offset by DONG Energy's competitive exposure in the electricity generation and gas supply business, the operating risks of developing equity gas supplies, and significant exposure to the volatile oil and gas exploration and production businesses. Standard&Poor's Ratings Services regards DONG Energy as a commercial entity and we do not factor any support from its 73% owner, the Kingdom of Denmark, into the ratings. An IPO is planned for the second half of 2007, although the sovereign will maintain majority
