KEDNYKeySpan Energy Delivery New York
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The rating of the Notes reflects their terms, including that they rank pari passu with KEDNY's existing Senior Unsecured obligations.
KEDNY's A2 senior unsecured rating reflects: (1) a supportive regulatory environment in New York, where a wide variety of de-risking provisions for utilities have been included in recent rate cases, e.g.
The stable outlook for KEDNY reflects our opinion that the New York regulatory environment is generally supportive for cost recovery.
An upgrade of KEDNY's ratings is unlikely in the medium term, as the rating is constrained by relatively weak credit metrics for the current rating.