Fitch affirms KeySpan

Fitch Ratings said it has affirmed the issuer default rating and senior unsecured debt rating for KeySpan Corp. and its subsidiaries Brooklyn Union Gas Co. and KeySpan Gas East Corp.

The outlook is stable.

According to the agency, affected ratings include:

• KeySpan's issuer default rating at A-; and senior unsecured debt at A-;

• Brooklyn Union's issuer default rating at A; and senior unsecured debt at A+; as well as

• KeySpan Gas East's issuer default rating at A-; and senior unsecured debt at A.

Fitch added that KeySpan's rating affirmation and stable outlook reflect the stable cash flows and relatively low business risk of its regulated gas distribution subsidiaries, monthly cost of gas adjustment mechanisms at its two largest subsidiaries, Brooklyn Union and KeySpan Gas East, that largely insulates the utilities from commodity price risk, and access to sufficient liquidity through a money pool supported by KeySpan's parent, National Grid USA.

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