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 corporate credit rating on KeySpan is 'A' and reflects an above-average business profile and improving financial profile. However, the 'A+' corporate credit rating on KED Long Island reflects not only its strong business profile and above-average financial profile, but also the existence of regulatory restrictions that could provide bondholders with some protection from KeySpan's nonregulated businesses. Parent KeySpan has an above-average consolidated business profile, which is supported by the
