Moody’s acts on National Grid units

Moody’s Investors Service said it changed the outlook to negative from stable on National Grid plc and affirmed its ratings.

Concurrently, Moody's changed the outlook to negative from stable while affirming the ratings of most of the group's largest operating subsidiaries, primarily transmission networks in the United Kingdom and transmission and distribution utilities in the United States.

The affected entities are National Grid Electricity Transmission plc, National Grid Gas plc, Boston Gas Co., Massachusetts Electric Co. and Narragansett Electric Co.

Separately, Moody's affirmed the ratings and maintained the negative outlook for National Grid North America Inc., National Grid Generation LLC and two of the group's New York operating subsidiaries, KeySpan Gas East Corp. and Niagara Mohawk Power Corp.

Moody's placed the ratings of Brooklyn Union Gas Co. on review for downgrade.

Moody's has upgraded the issuer rating of National Grid Electricity System Operator Ltd. to A3 from Baa1 and changed the outlook to negative from stable.

The agency has assigned an A3 issuer rating to Boston Gas Co.

“The negative outlook for National Grid plc reflects the group's exposure to forthcoming regulatory determinations,” the agency said in a news release.

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