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KeySpan Corp. Sep 10

  • ID: 1829130
  • September 2010
  • Standard & Poors
1 of 3

FEATURED COMPANIES

  • Boston Gas Co.
  • Colonial Gas Co.
  • KeySpan Corp.
  • KeySpan Gas East Corp.
  • Lattice Group PLC
  • Narragansett Electric Co.
  • MORE

Abstract
Consistent focus on low-risk electricity and natural gas transmission and distribution operations; Predictable revenues and cash flows from regulated activities, which account for 95% of operating profits; Operating, market, and regulatory diversity; Relatively supportive regulatory environments; and Parent National Grid PLC's proven track record of managing large acquisitions. Parent's high consolidated financial leverage as a result of previous acquisitions; Substantial capital expenditures and dividends that will likely result in negative free cash flows over the medium term; Rate relief needs at affiliates during time of economic weakness; and Exposure to foreign exchange risk and inflation, which add volatility to adjusted credit measures. The ratings on KeySpan Corp. are based on the consolidated credit profile of ultimate parent, U.K.-based National Grid...

Companies mentioned in this report are:
- KeySpan Corp.
- Boston Gas Co.
- Brooklyn Union Gas Co. (The)
- Colonial Gas Co.
- Massachusetts Electric Co.
- Narragansett Electric Co.
- National Grid USA
- New England Power Co.
- Niagara Mohawk Power Corp.
- Providence Gas Co.
- National Grid Gas PLC
- National Grid Electricity Transmission PLC
- KeySpan Gas East Corp.
- National Grid Generation LLC
- National Grid Holdings One PLC
- National Grid Gas Holdings PLC
- Lattice Group PLC
- National Grid PLC

Action: Review

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Note: Product cover images may vary from those shown
2 of 3

- KeySpan Corp.
- Boston Gas Co.
- Brooklyn Union Gas Co. (The)
- Colonial Gas Co.
- Massachusetts Electric Co.
- Narragansett Electric Co.
- National Grid USA
- New England Power Co.
- Niagara Mohawk Power Corp.
- Providence Gas Co.
- National Grid Gas PLC
- National Grid Electricity Transmission PLC
- KeySpan Gas East Corp.
- National Grid Generation LLC
- National Grid Holdings One PLC
- National Grid Gas Holdings PLC
- Lattice Group PLC
- National Grid PLC

Note: Product cover images may vary from those shown
3 of 3
Note: Product cover images may vary from those shown

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