Announcement of Periodic Assessment: Moody’s proclaims completion of a periodic assessment of rankings of Nationwide Grid Gasoline plcGlobal Credit score Analysis – 29 Jan 2021London, 29 January 2021 — Moody’s Traders Service (“Moody’s”) has accomplished a periodic assessment of the rankings of Nationwide Grid Gasoline plc and different rankings which can be related to the identical analytical unit. The assessment was carried out via a portfolio assessment dialogue held on 27 January 2021 by which Moody’s reassessed the appropriateness of the rankings within the context of the related principal methodology(ies), current developments, and a comparability of the monetary and working profile to equally rated friends. The assessment didn’t contain a ranking committee. Since 1 January 2019, Moody’s follow has been to challenge a press launch following every periodic assessment to announce its completion.This publication doesn’t announce a credit standing motion and isn’t a sign of whether or not or not a credit standing motion is probably going within the close to future. Credit score rankings and outlook/assessment standing can’t be modified in a portfolio assessment and therefore are usually not impacted by this announcement. For any credit score rankings referenced on this publication, please see the rankings tab on the issuer/entity web page on www.moodys.com for essentially the most up to date credit standing motion data and ranking historical past.Key ranking concerns are summarized under.Nationwide Grid Gasoline plc (NGG)’s A3 ranking is supported by its monopoly place as proprietor and operator of the high-pressure gasoline transmission system in Nice Britain (GB) and the well-established and clear regulatory regime, which underpin its very low enterprise threat. The corporate additionally advantages from (1) a stable monetary profile with comparatively low borrowing prices in comparison with regulatory assumptions; and (2) the persevering with receipt of early termination funds from vitality suppliers for the substitute of NGG’s home gasoline meters with sensible meters.NGG’s ranking is constrained by (1) that of the broader Nationwide Grid group, given debt at Nationwide Grid plc (NG plc) and intermediate holding firms for the US operations. Moody’s doesn’t enable NGG to “pierce” the ranking company’s evaluation of the group’s consolidated ranking, provided that regulatory restrictions and ring-fencing provisions that apply within the firm’s license don’t present enough insulation to de-link credit score high quality on the present ranking stage. Regardless of a difficult regulatory dedication for the forthcoming RIIO-T2 worth management, that can scale back working money flows from April 2021, Moody’s however anticipates that NGG will keep adjusted curiosity protection ratios comfortably above steering for the present ranking of at the very least 1.6x.This doc summarizes Moody’s view as of the publication date and won’t be up to date till the subsequent periodic assessment announcement, which can incorporate materials modifications in credit score circumstances (if any) through the intervening interval.The principal methodology used for this assessment was Regulated Electrical and Gasoline Networks printed in March 2017. Please see the Ranking Methodologies web page on www.moodys.com for a duplicate of this system.This announcement applies solely to EU rated, UK rated, EU endorsed and UK endorsed rankings. Non EU rated, non UK rated, non EU endorsed and non UK endorsed rankings could also be referenced above to the extent mandatory, if they’re a part of the identical analytical unit.This publication doesn’t announce a credit standing motion. For any credit score rankings referenced on this publication, please see the rankings tab on the issuer/entity web page on www.moodys.com for essentially the most up to date credit standing motion data and ranking historical past. Philip Cope Asst Vice President – Analyst Undertaking & Infrastructure Finance Moody’s Traders Service Ltd. One Canada Sq. Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Consumer Service: 44 20 7772 5454 Douglas Segars, CFA MD – Infrastructure Finance Undertaking & Infrastructure Finance JOURNALISTS: 44 20 7772 5456 Consumer Service: 44 20 7772 5454 Releasing Workplace: Moody’s Traders Service Ltd. One Canada Sq. 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