Elsam pleased with new rating

12 May 2004 – Danish utility yesterday expressed itself pleased with its revised rating from Standard & Poor’s Ratings Services. The adjusted the corporate credit rating of Elsam follows the acquisition of NESA.

The take-over of NESA, among the largest Danish mergers and acquisitions in recent years, resulted in a fully expected minor lowering of Elsam’s credit rating from A, stable outlook, to A-, stable outlook.

In a statement Elsam said. “This is a highly satisfactory and attractive rating, internationally as well as in a Danish context. Elsam is pleased that its aim to retain an A category rating has been achieved and that Elsam continues to be seen as an extremely well consolidated and creditworthy company”.

The new rating affords Elsam the opportunity to receive financing in the international financial capital markets at attractive rates to finance the NESA and other potential acquisitions.

This leaves open the possible further development of Elsam and implementation of the company’s strategy for unifying and keeping the Danish electricity sector in Danish hands.