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 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., KeySpan 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 KeySpan's two New York distribution companies--KeySpan Gas East and The Brooklyn Union Gas Co.--are one notch higher than
