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’s | S&P | Fitch | |
|---|---|---|---|
| Lead Analysts for National Grid plc | Phil Cope +44 20 7772 5229 | Andres D’Ascoli +44 20 7176 6753 | Matthew Readshaw +44 20 3530 1948 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 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.
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