The rating incorporates Standard&Poor's Ratings Services' view of KELAG's strength in regional electricity, gas, and heating supply and distribution in the Austrian State of Carinthia, as well as its strong generation asset base and conservative use of financial leverage. We view KELAG's business risk profile as "strong" under our criteria. This is underpinned by KELAG's dominant market position in regional electricity supply. The company commands a market share of more than 95% in household electricity supply with a minimal customer turnover rate. Our assessment of the business risk profile further reflects KELAG's stable and predictable cash flows from its monopoly regional distribution activities in electricity, gas, and heat, which we understand accounts for about 45% of its EBITDA,
