Strong cash flow; Extremely supportive regulatory environment; and Customer acquisition potential in service territory. Competition from other fuel sources; and Higher risk associated with KeySpan's nonregulated businesses. The ratings for KeySpan Energy Delivery Long Island (KED Long Island) reflect the operating company's relationship with parent KeySpan Corp., which as a consolidated entity has an above-average business profile and a modest financial profile, along with financial restrictions that allow KED Long Island bondholders some protection from KeySpan's nonregulated businesses. The rating for KeySpan is 'A' primarily because of the relatively low risk and predominantly free flow of funds among the KeySpan family. KED Long Island merits its stronger 'A+' rating because of its more healthy financial profile and the aforementioned financial
