S&P affirms PSEG Power

S&P said it affirmed its BBB+ issuer credit rating on PSEG Power LLC.

The outlook is stable.

At the same time, the agency affirmed all BBB+ issue-level ratings on the company's senior unsecured notes.

S&P said the affirmation stems from the issuer's strong financial performance in 2017 and forecast for 2018, as well as its ongoing strategic importance to parent PSEG Inc.

“Despite significant headwinds in the unregulated power sector that could result in lower standalone metrics by 2020, we believe PSEG Power is a core subsidiary, as it contributes nearly a third of EBITDA and has made substantial capital investments in new generation in recent years to modernize its fleet,” the agency said in a news release.

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