Low-operating-risk regulated natural gas distribution operations; Predominately residential and commercial customer base, limiting susceptibility to economic cyclicality; and Benefits from a revenue decoupling mechanism that supports cash flow generation. Robust capital spending pressures credit profile; and Stand-alone financial measures that currently fall within the significant financial risk profile category. The stable outlook on Keyspan Gas East Corp. mirrors the outlook on its ultimate parent, National Grid PLC. The stable outlook on National Grid reflects S&P Global Ratings' view that the group's operations will remain satisfactory and it will continue to derive most of its earnings from relatively supportive regulatory regimes. Moreover, we anticipate National Grid will successfully complete a remediation plan to rectify weaknesses that auditors identified in its internal
