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Announcement of Periodic Review:

Moody's announces completion of a periodic review of ratings of Northern Powergrid Holdings Company

03 Apr 2019

London, 03 April 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Northern Powergrid Holdings Company and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.

This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Key rating considerations are summarized below.

The Baa1 rating of Northern Powergrid Holdings Company (NPg Holdings) reflects the natural monopoly position of its two principal operating subsidiaries, Northern Powergrid (Northeast) Limited (A3 stable) and Northern Powergrid (Yorkshire) plc (A3 stable), as licenced providers of electricity distribution services in the north-east of England, the low business risk of such activities, the well-established and transparent regulatory regime for the sector in Great Britain, and managements track record of good operational performance. It also benefits from the company's conservative financial policy, reflected in net debt/RAV significantly below sector peers. The company's credit strength is constrained by the likelihood of weaker interest coverage metrics over time as low real interest rates are reflected in the allowed regulatory return. Planned growth in the company's unregulated smart metering subsidiary will also increase net debt relative to RAV and contribute to higher business risk. NPg Holdings credit quality is also constrained by its structural subordination relative to the operating subsidiaries.

This document summarizes Moody's view as of the publication date and will not be updated until the next periodic review announcement, which will incorporate material changes in credit circumstances (if any) during the intervening period.

The principal methodology used for this review was Regulated Electric and Gas Networks published in March 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Philip Cope
Asst Vice President - Analyst
Infrastructure Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Neil Griffiths-Lambeth
Associate Managing Director
Infrastructure Finance Group
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
Client Service: 44 20 7772 5454

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