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	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