Moody's cuts KeySpan

Moody's Investors Service said it downgraded the senior unsecured long-term debt ratings of KeySpan Corp. to Baa1 from A3 and those of its wholly owned subsidiaries, KeySpan Energy Delivery long Island to A3 from A2, Boston Gas Co. to Baa1 from A2 and KeySpan Generation to Baa1 from A3 with a stable outlook.

The agency said that this action concludes the rating review initiated on Feb. 27, following the company's announced intention of selling itself to National Grid plc in a transaction valued at $7.3 billion.

Moody's said its rating of Baa1 with stable outlook for the senior unsecured rating of KeySpan results from the company's current operating performance, which has been below Moody's expectations for the A3 rating category.

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