Senior unsecured / short term rating

National Grid's Treasury team maintain frequent contact with Moody's Investor Services (Moody's), Standard and Poor's Rating Services (S&P) and Fitch Ratings and ensure that the agencies are kept aware of significant developments in the Group.

Senior members of National Grid's management team also meet with these agencies formally, usually at least once in each fiscal year, to discuss the anticipated performance of the Group.

With effect from 1st May 2008

Moody’s1

S&P

Fitch

Lead Analysts

Monica Merli
+44 (0)20 7772 5433

Mark Davidson
+44 (0)20 7176 6306

Andrew Steel
+44 (0)20 7417 4353

National Grid plc Baa1 / P2 BBB+ / A2 BBB+ / F2
National Grid Holdings One plc  NR BBB+ / A2 NR
National Grid Electricity Transmission plc A3 / P2 A- / A2 A / F2
National Grid Gas Holdings plc  A3 / --- BBB+ / --- A / ---
National Grid Gas plc  A3 / P2 A- / A2 A / F2
National Grid USA A3 / P2 BBB+ / A2 NR
Massachusetts Electric Co. A3 / P2 A- / A2 NR
The Narragansett Electric Co. A32 / --- A-3 / A2 NR
New England Power Co. A3 / P2 A- / A2 NR
Niagara Mohawk Power Corporation A3 / --- BBB+ / A2 NR
KeySpan Corporation Baa1 / P2 A- / A2 A- / ---
The Brooklyn Union Gas Company NR A / --- A+ / ---
KeySpan Gas East Corporation A3 / --- A / --- A / ---
Boston Gas Company Baa1 / --- A- / --- NR
Colonial Gas Company A3 / --- A-3/ --- NR
National Grid Generation LLC Baa1 / --- A-3 / --- NR

1Moody's ratings were all placed on Negative Outlook on 31st January 2008. All S&P and Fitch ratings remain on Stable Outlook

2Issuer Rating

3Corporate Credit Rating