The ratings on KeySpan Energy Delivery Long Island (KED Long Island) are on CreditWatch with negative implications as a result of parent KeySpan Corp.'s agreement to be acquired by National Grid PLC (A/Watch Neg/A-1). If the transaction is funded on an all-cash basis, there is a strong likelihood that the ratings on all companies will be lowered by one notch. The acquisition of KeySpan would likely lead to a modest deterioration in National Grid's business profile. Standard&Poor's Ratings Services' ratings on KED Long Island reflect the consolidated credit profile of its parent, KeySpan, which is determined in conjunction with affiliates KeySpan Energy Delivery New York, KeySpan Generation L.L.C., Colonial Gas Co., and Boston Gas Co., as well as
