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.


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