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). KeySpan is a subsidiary of National Grid USA, a wholly owned subsidiary of NG. National Grid USA is also a subsidiary of intermediate holding company National Grid Holdings. National Grid USA's main operating subsidiaries include Niagara Mohawk, KeySpan and its units, New England Power, Narragansett Electric, Massachusetts Electric, Boston Gas, and Colonial Gas. We rate KeySpan's two New York distribution companies KeySpan Delivery New York and KEDLI 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
