Credit ratings | National Grid

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.

The credit rating reports for National Grid plc published by Moody’s and S&P can be found in the section below the ratings table.

 Moody’sS&PFitch
Lead Analysts for National Grid plcPhil Cope +44 20 7772 5229Andres D’Ascoli +44 20 7176 6753Matthew Readshaw +44 20 3530 1948
Elliot Ryan
+44 20 3530 1296
National Grid plcBaa2 / P2BBB / A2BBB+ / --
National Grid Holdings One plcNRBBB+ / A21NR
National Grid Electricity Transmission plcBaa1 / P2BBB+ / A2A / F2
National Grid North America Inc.Baa2 / P2BBB / A2NR
National Grid USABaa2 / ---BBB / A2NR
Massachusetts Electric Co.Baa1 / ---BBB+ / A2NR
New England Power Co.A3 / ---BBB+ / A2A / ---
Niagara Mohawk Power CorporationBaa1 / ---BBB+ / A2NR
The Brooklyn Union Gas Company (KEDNY)Baa23 / ---BBB+ / ---BBB+ / ---
KeySpan Gas East Corporation (KEDLI)Baa1 / ---BBB+ / ---A- / ---
Boston Gas CompanyBaa1 / ---BBB+ / ---NR
National Grid Generation LLCBaa22 / ---BBB1 / ---NR
National Grid Electricity Distribution plcBaa2 / ---BBB / A-2NR
National Grid Electricity Distribution (East Midlands) plcBaa1 / ---BBB+ / A-2NR
National Grid Electricity Distribution (South Wales) plcBaa1 / ---BBB+ / A-2NR
National Grid Electricity Distribution (South West) plcBaa1 / ---BBB+ / A-2NR
National Grid Electricity Distribution (West Midlands) plcBaa1 / ---BBB+ / A-2NR

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 9 June 2026


Latest credit rating reports

The rating reports (each a “Report” and together, the “Reports”) posted on this website are material produced, published, and owned by external third party credit rating agencies. The Reports are provided here by National Grid plc for information purposes only. The Reports do not constitute advice of any kind nor are intended to amount to advice and should not be relied upon as such. You must obtain your own professional or specialist advice before taking, or refraining from, any action based on or in connection with the Reports. The opinions, endorsements and statements expressed in the Reports are those of their respective authors and do not reflect opinions, endorsements, or statements by National Grid plc, or any of its directors, employees, affiliates, or agents (together, “NG plc and its affiliates and representatives”). NG plc and its affiliates and representatives make no representations, warranties, or guarantees, whether express or implied, as to the accuracy, completeness, reliability, timeliness, or fitness for any particular purpose of any of the Reports or the information contained therein. Any reliance you place on any of the Reports is strictly at your own risk.

To the fullest extent permitted by law, NG plc and its affiliates and representatives exclude all liability whatsoever and howsoever (including, without limitation, liability for negligence, errors, omissions, or inadequacies in the Reports) arising out of or in connection with the use of, reliance on, or inability to use any of the Reports or any information contained therein. NG plc and its affiliates and representatives do not endorse, approve, or recommend any product, service, or entity referred to in any of the Reports. Reference to any third-party product, service, process, or entity does not constitute or imply endorsement or recommendation by NG plc and its affiliates and representatives. NG plc and its affiliates and representatives are not responsible for any associated links in the Reports. Where a Report contains links to other sites and resources, these links are provided for your information only. Such links should not be interpreted as approval by NG plc and its affiliates and representatives of those linked websites or information you may obtain from them. NG plc and its affiliates and representatives have no control over the contents of those sites or resources.
 
The Reports may be updated, amended, or withdrawn at any time without notice by the credit rating agencies. NG plc and its affiliates and representatives reserve the right to remove any of the Reports from this website at any time and without prior notice.
 
This disclaimer is governed by and construed in accordance with the laws of England and Wales. Any disputes arising out of or in connection with this disclaimer shall be subject to the exclusive jurisdiction of the courts of England and Wales.

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