The ratings on KeySpan Energy Delivery Long Island (KED Long Island) remain on CreditWatch with negative implications, pending the sale of its parent, KeySpan Corp. (A/Watch Neg/A-1), to National Grid PLC (A/Watch Neg/A-1) for $7.3 billion (£4.2 billion) plus assumed debt of $4.5 billion (£2.6 billion). The acquisition is part of National Grid's strategy to diversify revenue and earnings outside the U.K. Standard&Poor's Ratings Services anticipates lowering all ratings on National Grid by one notch and removing them from CreditWatch, once the acquisition of KeySpan becomes unconditional. This is expected in mid-2007, following approval from the New York and New Hampshire state public utility regulatory commissions. Standard&Poor's ratings on KED Long Island reflect the consolidated credit
