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'A' Rating Assigned to NGG Finance ?2 Bil Bond Issues and Placed on Watch Neg Aug 01
Standard & Poors, Aug 2001
Abstract
LONDON (Standard & Poor's CreditWire) Aug. 3, 2001--Standard & Poor's today assigned its single-'A' long-term senior unsecured debt ratings to NGG Finance PLC's -1,250 million ($1,103 million) senior unsecured bonds due 2006 and its -750 million senior unsecured bonds due 2011. NGG Finance is a subsidiary of National Grid Group PLC (NGG; A+/Watch Neg/A-1), which guarantees the bonds. At the same time, the ratings on the bonds were placed on CreditWatch with negative implications. The ratings on NGG remain on CreditWatch with negative implications, where they were placed on Sept. 5, 2000, following the announcement of its $3.0 billion bid for Niagara Mohawk Holdings Inc. the parent company of Niagara Mohawk Power Corp. (NIMO; BBB/Watch Pos/--). The ratings on the...
Companies mentioned in this report are: NGG Finance PLC,National Grid USA,Niagara Mohawk Power Corp.,National Grid Holdings One PLC
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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