Standard&Poor's Ratings Services views the likelihood of timely and sufficient extraordinary government support for Austria-based utility group KELAG as low under its methodology for rating government-related entities (GREs). We base our assessment on KELAG's: "Limited" importance for the Austrian State of Carinthia. Notwithstanding KELAG's provision of essential services to the majority of the population in Carinthia, KELAG primarily operates in the fully liberalized Austrian energy market, and its services could be, if needed, provided by another privately or publicly held entity; and "Limited" link with Carinthia. KELAG's ownership by Carinthia is indirect and less than 50%. Carinthia owns 51% of KEH, a holding group that in turn owns 51% of KELAG. We do not expect our assessment on
