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S&P upgrades Public Service
Standard & Poor's said it raised its corporate credit ratings on Public Service Enterprise Group Inc., Public Service Electric & Gas Co. and PSEG Power LLC to BBB+ from BBB.
S&P also raised the rating on Public Service Electric's senior secured debt to A from A- and on its preferred stock to BBB- from BB+.
The agency also raised its ratings on PSEG Power's senior unsecured debt to BBB+ from BBB.
In addition, S&P affirmed the A-2 short-term rating on Public Service Enterprise and Public Service Electric.
The outlook on all three issuers is stable.
The upgrade reflects the growing positive influence on PSEG Power of the regulated utility, PSE&G, whose business profile S&P views as "excellent," the agency said.
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