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 Island is 'A+', reflecting not only a strong business profile and an above average financial profile, but also the existence of regulatory restrictions that could provide bondholders a measure of protection from Keyspan's nonregulated businesses. KED Long Island has a very strong
