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. Canary Wharf London E14 5FA United Kingdom JOURNALISTS: 44 20 7772 5456 Consumer Service: 44 20 7772 5454 © 2021 Moody’s Company, Moody’s Traders Service, Inc., Moody’s Analytics, Inc. and/or their licensors and associates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All data contained herein is obtained by MOODY’S from sources believed by it to be correct and dependable. Due to the potential of human or mechanical error in addition to different components, nevertheless, all data contained herein is offered “AS IS” with out guarantee of any sort. MOODY’S adopts all mandatory measures in order that the data it makes use of in assigning a credit standing is of enough high quality and from sources MOODY’S considers to be dependable together with, when acceptable, unbiased third-party sources. Nevertheless, MOODY’S just isn’t an auditor and can’t in each occasion independently confirm or validate data acquired within the ranking course of or in getting ready its Publications.To the extent permitted by regulation, MOODY’S and its administrators, officers, workers, brokers, representatives, licensors and suppliers disclaim legal responsibility to any particular person or entity for any oblique, particular, consequential, or incidental losses or damages in anyway arising from or in reference to the data contained herein or using or lack of ability to make use of any such data, even when MOODY’S or any of its administrators, officers, workers, brokers, representatives, licensors or suppliers is suggested upfront of the potential of such losses or damages, together with however not restricted to: (a) any lack of current or potential income or (b) any loss or harm arising the place the related monetary instrument just isn’t the topic of a specific credit standing assigned by MOODY’S.To the extent permitted by regulation, MOODY’S and its administrators, officers, workers, brokers, representatives, licensors and suppliers disclaim legal responsibility for any direct or compensatory losses or damages triggered to any particular person or entity, together with however not restricted to by any negligence (however excluding fraud, willful misconduct or some other sort of legal responsibility that, for the avoidance of doubt, by regulation can’t be excluded) on the a part of, or any contingency inside or past the management of, MOODY’S or any of its administrators, officers, workers, brokers, representatives, licensors or suppliers, arising from or in reference to the data contained herein or using or lack of ability to make use of any such data.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Traders Service, Inc., a wholly-owned credit standing company subsidiary of Moody’s Company (“MCO”), hereby discloses that almost all issuers of debt securities (together with company and municipal bonds, debentures, notes and business paper) and most well-liked inventory rated by Moody’s Traders Service, Inc. have, previous to task of any credit standing, agreed to pay to Moody’s Traders Service, Inc. for credit score rankings opinions and providers rendered by it charges starting from $1,000 to roughly $5,000,000. MCO and Moody’s Traders Service additionally keep insurance policies and procedures to handle the independence of Moody’s Traders Service credit score rankings and credit standing processes. Info relating to sure affiliations which will exist between administrators of MCO and rated entities, and between entities who maintain credit score rankings from Moody’s Traders Service and have additionally publicly reported to the SEC an possession curiosity in MCO of greater than 5%, is posted yearly at www.moodys.com below the heading “Investor Relations — Company Governance — Director and Shareholder Affiliation Coverage.”Further phrases for Australia solely: Any publication into Australia of this doc is pursuant to the Australian Monetary Providers License of MOODY’S affiliate, Moody’s Traders Service Pty Restricted ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as relevant). This doc is meant to be offered solely to “wholesale purchasers” throughout the that means of part 761G of the Companies Act 2001. By persevering with to entry this doc from inside Australia, you signify to MOODY’S that you’re, or are accessing the doc as a consultant of, a “wholesale consumer” and that neither you nor the entity you signify will straight or not directly disseminate this doc or its contents to “retail purchasers” throughout the that means of part 761G of the Companies Act 2001. MOODY’S credit standing is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the fairness securities of the issuer or any type of safety that’s out there to retail traders.Further phrases for Japan solely: Moody’s Japan Ok.Ok. (“MJKK”) is a wholly-owned credit standing company subsidiary of Moody’s Group Japan G.Ok., which is wholly-owned by Moody’s Abroad Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan Ok.Ok. (“MSFJ”) is a wholly-owned credit standing company subsidiary of MJKK. MSFJ just isn’t a Nationally Acknowledged Statistical Ranking Group (“NRSRO”). Subsequently, credit score rankings assigned by MSFJ are Non-NRSRO Credit score Rankings. Non-NRSRO Credit score Rankings are assigned by an entity that’s not a NRSRO and, consequently, the rated obligation won’t qualify for sure sorts of therapy below U.S. legal guidelines. MJKK and MSFJ are credit standing businesses registered with the Japan Monetary Providers Company and their registration numbers are FSA Commissioner (Rankings) No. 2 and three respectively.MJKK or MSFJ (as relevant) hereby disclose that almost all issuers of debt securities (together with company and municipal bonds, debentures, notes and business paper) and most well-liked inventory rated by MJKK or MSFJ (as relevant) have, previous to task of any credit standing, agreed to pay to MJKK or MSFJ (as relevant) for credit score rankings opinions and providers rendered by it charges starting from JPY125,000 to roughly JPY550,000,000.MJKK and MSFJ additionally keep insurance policies and procedures to handle Japanese regulatory necessities.