Credit ratings
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.
| Moody’s | S&P | Fitch | |
|---|---|---|---|
| Lead Analysts for National Grid plc | Phil Cope +44 20 7772 5229 | Julien Bernu +44 7176 7137 | Djivan Torossian +44 20 3530 2617 Elliot Ryan +44 20 3530 1296 |
| National Grid plc | Baa2 / P2 | BBB / A2 | BBB / -- |
| National Grid Holdings One plc | NR | BBB+ / A21 | NR |
| National Grid Electricity Transmission plc | Baa1 / P2 | BBB+ / A2 | A- / F2 |
| National Grid North America Inc. | Baa2 / P2 | BBB / A2 | NR |
| National Grid USA | Baa2 / --- | BBB / A2 | NR |
| Massachusetts Electric Co. | Baa1 / --- | BBB+ / A2 | NR |
| New England Power Co. | A3 / --- | BBB+ / A2 | A- / --- |
| Niagara Mohawk Power Corporation | Baa1 / --- | BBB+ / A2 | NR |
| The Brooklyn Union Gas Company (KEDNY) | Baa23 / --- | BBB+ / --- | BBB+ / --- |
| KeySpan Gas East Corporation (KEDLI) | Baa1 / --- | BBB+ / --- | A- / --- |
| Boston Gas Company | Baa1 / --- | BBB+ / --- | NR |
| National Grid Generation LLC | Baa22 / --- | BBB1 / --- | NR |
| National Grid Electricity Distribution plc | Baa2 / --- | BBB / A-2 | NR |
| National Grid Electricity Distribution (East Midlands) plc | Baa1 / --- | BBB+ / A-2 | NR |
| National Grid Electricity Distribution (South Wales) plc | Baa1 / --- | BBB+ / A-2 | NR |
| National Grid Electricity Distribution (South West) plc | Baa1 / --- | BBB+ / A-2 | NR |
| National Grid Electricity Distribution (West Midlands) plc | Baa1 / --- | BBB+ / A-2 | NR |
1S&P Issuer Credit Rating
2Moody's LT Issuer Rating
3KEDNY’s Baa2 rating is on positive outlook.
All ratings are on stable outlook unless otherwise stated.
Information updated as at 15 May 2025
