Fitch rates PSE&G notes A

Fitch Ratings said it assigned an A rating to Public Service Electric and Gas Co.'s $250 million issue of 3.5% secured medium-term notes, series G, maturing Aug. 15, 2020.

The outlook is stable.

The proceeds will be used for general corporate purposes.

The agency said the ratings of PSE&G are based on the predictability of cash flow from its low-risk utility business, the supportive regulatory environment in New Jersey, the absence of commodity price exposure and a diverse customer base.

The debt-to-EBITDA ratio at the end of June was 3.6 times.

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