trending Market Intelligence /marketintelligence/en/news-insights/trending/g-zvvrfou0lfule1hyukvw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Fitch affirms KeySpan; Brooklyn Union outlook revised to 'stable'

Q2: U.S. Solar and Wind Power by the Numbers

Essential Energy Insights - September 17, 2020

Essential Energy Insights September 2020

Rate case activity slips, COVID-19 proceedings remain at the forefront in August

Fitch affirms KeySpan; Brooklyn Union outlook revised to 'stable'

Fitch Ratings on March 27 affirmed the ratings of KeySpan Corp. and its subsidiaries Brooklyn Union Gas Co. and KeySpan Gas East Corp., citing a low-risk business profile and base rate increases under the multiyear rate plan.

The rating agency affirmed the long-term issuer default ratings at BBB+ for KeySpan and its subsidiaries. Fitch also affirmed KeySpan's senior unsecured debt ratings at BBB+ and A- for Brooklyn Union Gas and KeySpan Gas East.

Additionally, Fitch revised Brooklyn Union Gas' outlook to stable from negative, expressing confidence in the utility's ability to sustain leverage metrics below the level of 5x funds-from-operations-to-adjusted leverage that would trigger a negative rating.

Brooklyn Union Gas' ratio of funds-from-operations-to-adjusted leverage is expected to range between 4.2x and 4.8x from 2018 to 2021, compared to the low 5x range estimated earlier. The improved financial outlook follows an equity infusion of $350 million by KeySpan in 2017 and approximately $170 million in cash received from Brooklyn Union Gas' sale of its equity ownership stake in Dominion Midstream Partners LP in early 2018.

The outlook for Keyspan and KeySpan Gas East remains stable due to approved base rate increases totaling about $362 million for KeySpan and approximately $159 million for KeySpan Gas East from 2017 to 2019, with new rates that became effective in January 2017.

Meanwhile, Fitch expects Keyspan, a subsidiary of National Grid PLC, to have consolidated capital expenditure on average of nearly $1.7 billion annually from 2018 to 2021, with Brooklyn Union Gas expected to contribute approximately 39% of the total capital spending and KeySpan Gas East to account for about 20%.