The ratings on Denmark-based DONG Energy A/S are based on the company's stand-alone credit profile (SACP), which we assess at 'bbb+', and on our opinion that there is a "moderate" likelihood that the Danish government (Kingdom of Denmark; AAA/Stable/A-1+) will provide timely and sufficient extraordinary support in the event of financial distress. DONG Energy's SACP reflects 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 and monopoly-like activities, contribute 25%-30% of the company's EBITDA. Standard&Poor's Ratings Services considers these strengths to be offset by exposure to higher-risk oil and gas exploration and production (E&P) activities, earnings volatility in the company's
