The ratings on Denmark-based DONG Energy A/S reflect the company's strong position in the Danish energy market, where it has integrated gas, electricity, and heating operations, as well as regulated gas and power distribution operations, which generate stable and predictable earnings. The ratings also reflect DONG Energy's access to equity gas and to long-term gas purchase contracts, which supports its gas supply operations. These factors are offset by DONG Energy's significant exposure to volatile and higher risk oil and gas exploration and production activities, along with competitively exposed gas supply and power generation operations. The company's moderate financial profile reflects its sizable investment program planned for the next three years as well as its exposure to volatile oil, gas, and
