National Grid PLC Sep 11
Standard & Poors, September 2011
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 over 97% of operating profits. Operating, market, and regulatory diversity in the U.K. and the U.S. Supportive regulatory environments. Proven track record of managing large acquisitions. 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. Regulatory reset risk in the U.K. and the U.S. Exposure to foreign exchange risk and inflation, which add volatility to adjusted credit measures. The ratings on U.K.-based gas and electricity network operator National Grid PLC (NG) and its subsidiaries reflect Standard & Poor's...
Companies mentioned in this report are: National Grid PLC,Boston Gas Co.,The Brooklyn Union Gas Company,Colonial Gas Co.,Massachusetts Electric Co.,Narragansett Electric Co.,National Grid USA,New England Power Co.,Niagara Mohawk Power Corp.,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 Holdings Inc.
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
National Grid PLC,Boston Gas Co.,The Brooklyn Union Gas Company,Colonial Gas Co.,Massachusetts Electric Co.,Narragansett Electric Co.,National Grid USA,New England Power Co.,Niagara Mohawk Power Corp.,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 Holdings Inc.
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