Moody's upgrades PSE&G to A2

Moody's Investors Service said it upgraded the long-term issuer rating of Public Service Electric & Gas Co. (PSE&G) to A2 from A3 and the short-term commercial paper rating to P-1 from P-2.

The outlook is stable.

Moody's said the primary driver of this rating action was its more favorable view of the relative credit supportiveness of the U.S. regulatory environment.

PSE&G's A2 issuer rating is supported by a low risk T&D business model, the constructive relationship with its principal regulator, a steady and balanced financial profile, the agency said. These positive rating considerations are balanced against the risks associated with PSE&G's elevated capital spending plans.

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