Credit ratings

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.

	Moody’s	S&P	Fitch
Lead Analysts	Philip Cope +44 20 7772 5229	Matan Benjamin +44 20 7176 0106 Beatrice de Taisne +44 20 7176 3938	Ana Gaspar  +44 20 3530 1601 Hugh Shim +44 20 3530 1724
National Grid plc	Baa1* / P2	BBB+* / A2	BBB+* / F2
National Grid Holdings One plc1	NR	A-* / A2	NR
National Grid Electricity Transmission plc1	A3* / P2	A-* / A2	A* / F2
National Grid Electricity System Operator Ltd	A3*2 / ---	NR	NR
National Grid Gas Holdings Limited1	NR	A-* / ---	A* / ---
National Grid Gas plc1	A3* / P2	A-* / A2	A* / F2
National Grid North America Inc. (formerly NGHI)	Baa1* / P2	BBB+* / A2	NR
National Grid USA	Baa1* / P2	BBB+* / A2	NR
Massachusetts Electric Co.1	A3* / P2	A-* / A2	NR
The Narragansett Electric Co.1	A3* / ---	A-* / ---	NR
New England Power Co.1	A3 / P2	A-* / A2	NR
Niagara Mohawk Power Corporation	A3* / ---	A-* / A2	NR
The Brooklyn Union Gas Company (KEDNY)	Baa1 / ---	A-* / ---	A- / ---
KeySpan Gas East Corporation (KEDLI)	A3* / ---	A-* / ---	A- / ---
Boston Gas Company1	A3* / ---	A-* / ---	NR
National Grid Generation LLC1	Baa1*2 / ---	A-* / ---	NR

¹Company given Corporate Credit Rating by S&P

²Issuer Rating

* Negative outlook