Fitch affirms KeySpan

KeySpan Corp.'s senior unsecured debt and debt shelf registration statement are affirmed at A- by Fitch Ratings. In addition, Fitch said it affirmed the A+ rating for the senior unsecured debt of Brooklyn Union Gas Co. and the A- rating for the senior unsecured debt of KeySpan Gas East Corp.

Brooklyn Union and KeySpan Gas East are natural gas utility subsidiaries of KeySpan and operate under the names of KeySpan Energy Delivery New York and KeySpan Energy Delivery Long Island, respectively.

The outlook is stable.

KeySpan's A- rating and stable outlook recognize the strength and predictability of its core natural gas distribution and electric generation operations, an improving liquidity position, and ongoing efforts to reduce debt leverage.

Further considerations are the disappointing performance from its non-regulated energy services segment and the structural subordination of KeySpan to the cash flow and debt of its regulated and non-regulated energy operations and investments.

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