Stable distribution operations; Operating, market, and regulatory diversity; and Supportive regulatory environments. Requirement for distribution companies to operate as providers of last resort, albeit with full recovery of incurred costs; Moderately aggressive financial profile; Challenges of integrating electricity and gas utility company KeySpan Corp. into the group; and a Revision of NG's dividend policy, which reduces financial flexibility. The ratings on KeySpan Energy Delivery Long Island (KEDLI) reflect the consolidated credit profile of its parent National Grid USA (an indirect, wholly owned subsidiary of U.K.-based National Grid PLC (NG)) and its U.S.-based regulated operating unit, KeySpan Corp. and its subsidiaries, which it acquired in August 2007. The corporate credit ratings of the two New York natural gas distribution companies KEDLI
