KeySpan Corp. Ratings Stand-Alone Credit Profile Revised To #bbb+#

Stocks and Financial Services Press Releases Tuesday February 13, 2018 09:07
NEW YORK--13 Feb--S&P Global Ratings

NEW YORK (S&P Global Ratings) Feb. 12, 2018--S&P Global Ratings today affirmed its ratings on KeySpan Corp. (KeySpan), including the 'A-' issuer credit rating and 'BBB+' rating on KeySpan's unsecured debt. The rating outlook remains stable.

The affirmation of our 'A-' issuer credit rating on KeySpan reflects our assessment that KeySpan is a core subsidiary of its ultimate parent, U.K.-based National Grid PLC. This reflects our opinion that KeySpan is integral to National Grid's future strategy, that National Grid is highly unlikely to sell KeySpan, and that KeySpan has a strong long-term commitment from National Grid's senior management team. The stable outlook on KeySpan Corp. mirrors the outlook of its ultimate parent National Grid PLC.

The stable outlook on National Grid PLC reflects our view that the group's operations will remain sizable and highly diversified after the disposal of Cadent Gas Ltd. (formerly National Grid Gas Distribution Ltd.) as well as our projections that the group will continue to derive most of its earnings from largely supportive regulatory regimes. The group's diversity stems from transmission assets in the U.K. (about 54% of regulatory asset value [RAV]) and the U.S. (about 46%). We view the recently approved rate cases in the U.S. as positive, and expect National Grid to file rate cases for the other portion of its U.S. operations in a consistent matter. Furthermore, National Grid's dominant U.K. transmission assets benefit from regulatory visibility until 2021 when the current eight-year regulatory period under Revenues = Incentives + Innovation + Outputs (RIIO) is due for renewal.


Latest Press Release

Fitch Downgrades CGS-CIMB TH to #A(tha)/F1(tha)#; Off Outlook Stable

Fitch Ratings (Thailand) has downgraded CGS-CIMB Securities (Thailand) Co., Ltd.'s (CGS-CIMB TH) National Long-Term Rating to 'A(tha)' from 'AA-(tha)' and National Short-Term Rating to 'F1(tha)' from 'F1+(tha)'. All ratings have been removed from Rating...

Commons Foundation Signs Contract for Blockchain Business Backed by the Paraguay Government

Combining Paraguay's low-cost and abundant electricity with the Commons Foundation's expertise in blockchain technology, the world's largest cryptocurrency mining center and global exchange is to be established. - The "Golden Goose" project will...

mai welcomes real estate developer CMC on November 19

Market for Alternative Investment (mai) will list Chaoprayamahanakorn pcl, a leading real estate developer onNovember 19, under the ticker symbol "CMC". The company has a market capitalization at its initial public offering (IPO) of THB 3.00 billion...

KTC - Chilito Mexican Grill - Farm Factory provide members special privileges for payments made using QR Pay in the KTC Mobile app.

Mrs. Pranaya Nithananon, Vice President - Credit Card Business, "KTC" or Krungthai Card Public Company Limited, provides KTC VISA and KTC MasterCard credit card members who make payments through KTC QR Pay in the "KTC Mobile" app worth Bt. 300 or more...

Photo Release: KBank opens new flagship branch and THE WISDOM Lounge at ICONSIAM

Mr. Wirawat Panthawangkul (3rd from left), KBank Senior Executive Vice President, and Ms. Chadatip Chutrakul (4th from left), Director of ICONSIAM Co., Ltd., and Chief Executive Officer of Siam Piwat Co., Ltd., participated in the opening ceremony of...

Related Topics