Summary: Massachusetts Electric Co. Aug 06
Standard & Poors, August 2006
Abstract
The ratings on Massachusetts Electric 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). Credit quality is determined in conjunction with that of NG and the National Grid USA affiliates, Narragansett Electric Co., New England Power Co., and Niagara Mohawk Power Corp. The ratings of NG and its subsidiaries are on CreditWatch with negative implications, following NG's confirmation that it has agreed to buy U.S. gas distributor KeySpan Corp. (A/Watch Neg/A-1) for $7.3 billion (-4.2 billion) plus assumed debt. The U.S. expansion is part of NG's strategy to diversify revenue and earnings outside the U.K. Standard & Poor's Ratings Services anticipates lowering...
Companies mentioned in this report are: Massachusetts Electric Co.,Narragansett Electric Co.,National Grid USA,New England Power Co.,Niagara Mohawk Power Corp.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Massachusetts Electric Co.,Narragansett Electric Co.,National Grid USA,New England Power Co.,Niagara Mohawk Power Corp.
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