The ratings on Denmark-based DONG Energy A/S reflect the company's strong position in the Danish energy market and its regulated gas and power distribution operations, which generate stable and predictable EBITDA. The ratings also reflect DONG Energy's achievement of its target of being 30% self-sufficient in gas, which supports its gas supply operations. These factors are offset by DONG Energy's competitively exposed power generation operations, significant exposure to volatile oil and gas exploration and production activities, and an intermediate financial profile. In the first nine months of 2008, exploration and production of oil and gas accounted for 37% of reported EBITDA (30% when adjusted for the special hydrocarbon tax in Norway), power and gas sales 29%, power generation 22%, and
