The ratings on Denmark-based DONG Energy A/S reflect the company's strong position in the Danish energy market, access to competitive gas supplies, and sizable regulated gas and electricity activities. These factors are offset by DONG Energy's competitive exposure in electricity generation and gas supply, the operating risks of developing equity gas supplies, and significant exposure to volatile oil and gas exploration and production. Standard&Poor's Ratings Services regards DONG Energy as a commercial entity and we do not factor into the ratings any support from its 73% owner, the Kingdom of Denmark (AAA/Stable/A-1+). The Danish Ministry of Finance announced on Jan. 21, 2008, that the planned IPO has been suspended due to unfavorable market conditions. The decision does not
