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Fitch affirms PSE&G
Fitch Ratings said it affirmed the BBB+ long-term issuer default rating on Public Service Enterprise Group Inc. (PSEG) and its subsidiaries, PSEG Power LLC and Public Service Electric and Gas Co. (PSE&G).
The F2 short-term issuer default rating on PSEG and PSE&G and the security ratings on PSEG Power and PSE&G also were affirmed.
Fitch also affirmed and withdrew the BB+ long-term issuer default rating on PSEG Energy Holdings LLC.
The outlook is stable.
The key rating strengths include its constructive regulatory environment in New Jersey, fuel diversification and good operating performance at PSEG Power and PSEG Power's multi-year hedging program, Fitch said.
The company's key rating concerns include its exposure to volatility in the spot electricity and fuel commodity price markets, the agency said.
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