...GRC Filing Delay Negative: Delay in the next general rate case (GRC) application filings for KeySpan Corp.'s (KSE) New York-based subsidiaries, KeySpan Gas East Corp. (KGE) and Brooklyn Union Gas Co. (BUG), with the New York Public Service Commission (NYPSC) will continue to constrain credit protection measures, at least through fiscal 2016/2017. With increased capital spending and rising operating costs, Fitch Ratings believes New York regulators may adopt measures that will spread a retail rate increase over an extended period. Decline in Credit Metrics: A large capex cycle at KSE's New York utilities, a retail tariff freeze in New York, postponement of a GRC filing in New York and any upstream dividends to the parent company will adversely affect KSE's credit protection measures over the rating horizon (2015¡2017). Fitch projects KSE's consolidate FFO-to-fixed-charge coverage ratio will average about 4.0x and leverage based on consolidated EBITDAR (consolidated adjusted debt/consolidated...
