S&P ups Pepco Holdings

Standard & Poor's said it raised the corporate credit rating on Pepco Holdings Inc. and its subsidiaries Atlantic City Electric Co., Delmarva Power & Light Co. and Potomac Electric Power Co. to BBB+ from BBB.

The ratings were removed from CreditWatch with positive implications, where they were placed in April.

The outlook is stable.

The upgrade reflects the consolidated entity's improved business risk profile after the sale of its merchant power assets to Calpine and a view that management will unwind remaining merchant operations and retail supply contracts in a credit supportive manner, S&P said.

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