The ratings on Denmark-based DONG Energy A/S reflect the company's strong position in the Danish energy market and the stability offered by its regulated gas and power distribution operations, which, together with other partly regulated activities, contribute about 25%-30% of the company's EBITDA. The ratings also reflect DONG Energy's vertically integrated gas operations, including own production and long-term purchase contracts, which provide security of supply. Standard&Poor's Ratings Services considers these strengths to be offset by a gradual deterioration of DONG Energy's financial risk profile, increasing exposure to higher-risk oil and gas exploration and production activities, and competitively exposed gas supply and power generation operations. The 'A-' rating on DONG Energy is based on the company's stand-alone credit profile
