Very supportive regulatory environment, Favorable service territory with low market penetration providing growth opportunities, Low-operating risk gas transmission and distribution operations, Above average competitive position, and Strong cash flow. Competition from other fuel sources, and Higher risk associated with KeySpan's nonregulated businesses. The ratings on KeySpan Energy Delivery Long Island (KED Long Island) reflect the consolidated credit profile of its parent, KeySpan Corp., which is determined in conjunction with affiliates KeySpan Energy Delivery New York, KeySpan Generation LLC, Colonial Gas Co., and Boston Gas Co., as well as the Ravenswood merchant generation operations. The long-term corporate credit rating on KeySpan is 'A' reflecting an above average business profile and improving financial profile. However, the corporate credit rating on KED Long
