BUZZ-National Grid: weakens amid risk-on rally, broker bearish

** Grid operator National Grid (LSE: NG.L - news) 's shares down 1.2 pct, third-largest FTSE 100 loser, in decent volume (among most traded UK blue-chips)

** Credit Suisse (LSE: 0QP5.L - news) cuts PT to 820p from 825p, keeps "underperform" rating, saying stock carries a large safe-haven premium unwarranted by fundamentals

** Analysts add risk of lower UK asset base growth underappreciated by share price (move to decentralised generation and distributed energy could put downside pressure on growth rate)

** All five fallers on FTSE 100 are defensive stocks - precious metals miners Randgold and Fresnillo (Other OTC: FNLPF - news) , tobacco co British American Tobacco, consumer goods co Unilever (NYSE: UL - news)

** Stock only loser on the Stoxx 600 Utilities Index , which is up 1.2 pct

** Separately, British lawmakers saying operation of the UK's grid should be transferred from co to an independent system operator (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)