The ratings on KeySpan Energy Delivery Long Island (KEDLI), a subsidiary of KeySpan Corp., are based on the consolidated credit profile of ultimate parent, U.K.-based National Grid PLC (NG), and its family of companies. KeySpan is a subsidiary of National Grid USA, a wholly owned subsidiary of NG. National Grid USA's main operating subsidiaries include Niagara Mohawk, KeySpan Corp. and its units, New England Power, Narragansett Electric, Massachusetts Electric, Boston Gas, and Colonial Gas. The corporate credit ratings of the two New York distribution companies KEDI and KeySpan Delivery New York (KEDNY) are rated one notch higher than the consolidated corporate credit rating, reflecting the presence of regulatory insulation and their healthier stand-alone financial profiles. NG has an 'excellent' business
