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), NG's U.S.-based regulated operating unit, KeySpan Corp., and NG's subsidiaries. The corporate credit ratings of the two New York distribution companies KEDNY and KEDLI are rated one notch higher than the consolidated corporate credit rating, reflecting the presence of strong regulatory insulation and their stand-alone financial profiles. The ratings on NG and its subsidiaries continue to reflect the strong, predictable cash flows generated by the group's low-operating-risk electricity and gas network operations in the U.K. and the U.S. National Grid USA's operations benefit from a generally supportive regulatory...
Companies mentioned in this report are: Massachusetts Electric Co.,National Grid USA,National Grid PLC
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