S&P affirms National Grid

Standard & Poor’s said it affirmed its A-/A-2 long- and short-term corporate credit ratings on National Grid plc and related subsidiaries. The outlook is stable.

At the same time, S&P affirmed its A- issue rating on National Grid’s senior unsecured debt, the BBB issue rating on its guaranteed junior subordinated hybrid issues, and the cnAA Greater China regional scale rating on the Hong Kong dollar-denominated debt issued by National Grid Electricity Transmission plc.

S&P said the affirmation is based on National Grid’s continued outperformance in terms of expected costs in the U.K.; its progress in filing requests to amend rates in the United States; and its strong financial results.

That said, S&P said that in its view National Grid needs some headroom in its financial metrics to balance the slightly higher regulatory risks in the United States.

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