Moody’s upgrades PJM to Aa2

Moody's Investors Service said it upgraded the issuer ratings for PJM Interconnection, LLC and its subsidiary PJM Settlement, Inc. to Aa2 from Aa3.

The outlooks are stable.

The identical ratings of the two entities reflect the symbiotic nature of their operations and the existence of cross guarantees.

Moody’s said the upgrade to Aa2 was prompted by PJM's financial performance, which has been stronger than the other regional transmission operators (RTOs) in the agency’s rated universe, and considers the breadth, depth, and essential nature of its function as the operator of one of the oldest and largest electric systems in the country.

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