Standard&Poor's Ratings Services bases its ratings on KeySpan Gas East Corp., a subsidiary of KeySpan Corp., on the consolidated credit profile of ultimate parent U.K.-based gas and electricity network operator 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 is also a subsidiary of intermediate holding company National Grid Holdings Inc. National Grid USA's main operating subsidiaries include Niagara Mohawk Power Corp., Massachusetts Electric Co., Narragansett Electric Co., New England Power Co., and KeySpan and its units, The Brooklyn Union Gas Co., KeySpan Gas East, Boston Gas Co., Colonial Gas, and KeySpan Generation LLC (aka National Grid Generation LLC). The corporate
