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S&P lowers National Grid USA, KeySpan
Standard & Poor's said it lowered its corporate credit ratings on National Grid USA and KeySpan Corp. to A- from A and their short-term ratings to A-2 from A-1.
The ratings were removed from CreditWatch, where they were placed with negative implications on Feb. 24, and the outlook is stable.
The agency said the downgrade reflects the completion of parent company National Grid plc's acquisition of KeySpan for about $12 billion, including assumed debt. The acquisition will significantly increase debt in the group from £11.8 billion in 2007.
The stable outlook reflects S&P's expectations of continued solid operational and financial performance and that National Grid will maintain its strategy of focusing on regulated networks businesses in the United Kingdom and United States while producing free cash flow to total debt of about 15%.
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