New England Power Co. Aug 09
Standard & Poors, August 2009
Abstract
Stable distribution operations; Operating, market, and regulatory diversity; and Supportive regulatory environments. Requirement for distribution companies to operate as providers of last resort, albeit with full recovery of incurred costs; Challenges of integrating electricity and gas utility company KeySpan Corp. into the group; Rate needs during a time of economic weakness; Revision of ultimate parent National Grid PLC's dividend policy, which reduces financial flexibility; and Moderately aggressive financial profile of National Grid PLC. The ratings on New England Power Co. reflect the consolidated credit profile of its parent National Grid USA, which in turn is an indirect, wholly owned subsidiary of U.K.-based National Grid PLC (NG), and its U.S.-based regulated operating unit, the August 2007 acquisition of KeySpan Corp. and...
Companies mentioned in this report are: New England Power Co.,The Brooklyn Union Gas Company,Massachusetts Electric Co.,Narragansett Electric Co.,National Grid USA,Niagara Mohawk Power Corp.,Providence Gas Co.,National Grid Gas PLC,National Grid Electricity Transmission PLC,KeySpan Corp.,KeySpan Gas East Corp.,KeySpan Generation LLC,National Grid Holdings One PLC,National Grid Gas Holdings PLC,Lattice Group PLC,National Grid PLC
Action: Review
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: Full Analysis
New England Power Co.,The Brooklyn Union Gas Company,Massachusetts Electric Co.,Narragansett Electric Co.,National Grid USA,Niagara Mohawk Power Corp.,Providence Gas Co.,National Grid Gas PLC,National Grid Electricity Transmission PLC,KeySpan Corp.,KeySpan Gas East Corp.,KeySpan Generation LLC,National Grid Holdings One PLC,National Grid Gas Holdings PLC,Lattice Group PLC,National Grid PLC
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