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Summary: National Grid PLC Mar 12
Standard & Poors, March 2012
The ratings on U.K.-based gas and electricity network operator National Grid PLC (NG) and its subsidiaries reflect Standard & Poor's Ratings Services' view of the strong and predictable cash flows from the group's low-risk electricity and gas network operations in the U.K. and the U.S.; regulatory regimes in each of those countries that we consider to be broadly supportive of credit quality; a consistently applied strategic and financial policy; and a proven track record of managing large acquisitions. These strengths are offset by NG's relatively high financial leverage; a substantial capital expenditures (capex) program and the current dividend policy (subject to change in 2013), which together will likely result in negative free cash flows over the medium term; regulatory reset...
Companies mentioned in this report are: National Grid PLC,National Grid USA
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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.
National Grid PLC,National Grid USA