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 Philip Cope
+44 20 7772 5229

Gustav B Rydevik
+44 20 7176 1282

Béatrice de Taisne
+44 20 7176 3938

Yeshvir Singh
+44 20 3530 1810

National Grid plc Baa2 / P2 BBB / A2 BBB / --
National Grid Holdings One plc1 NR BBB+ / A2 NR
National Grid Electricity Transmission plc1 Baa1 / P2 BBB+ / A2 A- / F2
National Grid Electricity System Operator Ltd Baa12 / --- NR NR
National Grid Gas Holdings Limited1 NR BBB+ / --- A- / ---
National Grid Gas plc1 Baa1 / P2 BBB+ / A2 A- / F2
National Grid North America Inc. (formerly NGHI) Baa2 / P2 BBB / A2 NR
National Grid USA Baa2 / P2 BBB / A2 NR
Massachusetts Electric Co.1 Baa1 / P2 BBB+ / A2 NR
New England Power Co.1 A3 / P2 BBB+ / A2 NR
Niagara Mohawk Power Corporation Baa1 / --- BBB+ / A2 NR
The Brooklyn Union Gas Company (KEDNY) Baa2 / --- BBB+ / --- BBB+ / ---
KeySpan Gas East Corporation (KEDLI) Baa1 / --- BBB+ / --- A- / ---
Boston Gas Company1 Baa1 / --- BBB+ / --- NR
National Grid Generation LLC1 Baa22 / --- BBB / --- 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

1Company given Corporate Credit Rating by S&P

2Issuer Rating

* Negative outlook

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