The ratings on Denmark-based DONG Energy A/S reflect the company's stand-alone credit profile (SACP), which Standard&Poor's Ratings Services assesses at 'bbb+', based on a "satisfactory" business risk profile and an "intermediate" financial risk profile. They further reflect 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. This results in the ratings benefiting from one notch of uplift from the SACP. DONG Energy's SACP benefits from 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
