The ratings on KeySpan Energy Delivery Long Island (KED Long Island) remain on CreditWatch with negative implications, following the pending sale of its parent, KeySpan Corp. (A/Watch Neg/A-1), to National Grid PLC (A/Watch Neg/A-1) for $7.3 billion plus assumed debt. National Grid plans to borrow the funds necessary to complete the transaction. When the acquisition receives regulatory approval and becomes unconditional, Standard&Poor's Ratings Services anticipates resolving the CreditWatch listing and lowering the ratings on KeySpan and its subsidiaries by one notch. KeySpan expects to complete the transaction in early 2007. Standard&Poor's ratings on KED Long Island reflect the consolidated credit profile of KeySpan, which includes KeySpan Energy Delivery New York (KED New York), Boston Gas Co.,
