Focus on low-risk natural gas distribution operations Effective management of regulatory risk in New York, a jurisdiction that which we view as "less credit supportive" Stable customer base, with no material industrial exposure or customer concentration Large and diversified parent company that is focused on low-risk electricity and natural gas transmission and distribution operations Eight-year visibility of earnings under the new RIIO regulatory regime in the ultimate parent National Grid Plc's U.K. regulated businesses Low regulatory reset risk in the U.K. and moderate regulatory reset risk in the U.S. Relatively high consolidated financial leverage at National Grid Plc as a result of past acquisitions Persistent negative discretionary cash flow generation on the back of large investments in the U.K. and
