Standard&Poor's Ratings Services bases ratings on KeySpan Energy Delivery Long Island (KEDLI; aka KeySpan Gas East Corp d/b/a National Grid), a subsidiary of KeySpan Corp., are based on the consolidated credit profile of ultimate parent, U.K.-based National Grid PLC (NG PLC), and its family of companies. KeySpan is a subsidiary of National Grid USA, a wholly owned subsidiary of NG PLC. National Grid USA is also a subsidiary of intermediate holding company National Grid Holdings Inc. National Grid USA's main operating subsidiaries include Niagara Mohawk Power Corp., KeySpan Corp. and its units, New England Power Co., Narragansett Electric Co., Massachusetts Electric Co., Boston Gas Co., and Colonial Gas Co. The corporate credit ratings on the two New York
