Moody’s rates National Grid hybrids Baa3

Moody's Investors Service said it assigned a Baa3 rating to National Grid hybrids.

The hybrids will be sold by NGG Finance plc, a unit of National Grid plc, which will guarantee the notes on a senior subordinated basis. National Grid carries a Baa1 rating.

The hybrids are two notches below National Grid’s because of the subordination and are junior to all present and future obligations of National Grid, Moody’s said.

Size and completion of the sale are subject to market conditions.

The outlook is stable.

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