Summary: Niagara Mohawk Power Corp. Mar 11

Standard & Poors, March 2011

Abstract
The ratings on Niagara Mohawk Power are based on the consolidated credit profile of its ultimate parent, U.K.-based National Grid PLC (NG) and its family of companies. Niagara Mohawk is a wholly owned subsidiary of U.S.-based utility holding company, National Grid USA, a wholly owned subsidiary of NG. National Grid USA is also a subsidiary of intermediate holding company National Grid Holdings. National Grid USA's main operating subsidiaries include Niagara Mohawk, KeySpan Corp. and its units, New England Power, Narragansett Electric, Massachusetts Electric, Boston Gas, and Colonial Gas. We rate KeySpan Corp.'s two New York distribution companies KeySpan Delivery New York and KeySpan Delivery Long Island one notch higher than the consolidated corporate credit rating, reflecting the presence of regulatory...

Companies mentioned in this report are: 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.

Niagara Mohawk Power Corp.

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