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+) would provide timely and sufficient extraordinary support in the event of financial distress, based on our assessment of DONG Energy's "strong" link with the government, given its ownership of about 80%, and "limited" role. This results in the ratings benefiting from one notch of uplift from the SACP. DONG Energy's business risk profile benefits from the company's strong position in the Danish energy market and
