The ratings on KeySpan Energy Delivery Long Island (KEDLI) reflect the consolidated credit profile of its parent National Grid USA (an indirect, wholly owned subsidiary of U.K.-based National Grid PLC (NG)) and its U.S.-based regulated operating unit, KeySpan Corp. and its subsidiaries, which it acquired in August 2007. The corporate credit ratings of the two New York natural gas distribution companies KEDLI and KeySpan Energy Delivery New York are one notch higher than the consolidated corporate credit rating, reflecting the presence of strong regulatory insulation and their stand-alone financial profiles. The ratings on NG and its subsidiaries continue to reflect the strong, predictable cash flows generated by the group's low-operating-risk electricity and gas network operations in the U.K. and the
