Moody's raises Public Service Electric

Moody's Investors Service said it upgraded the ratings of Public Service Electric & Gas Co., including its senior unsecured debt to A3 from Baa1, first mortgage bonds to A1 from A2 and preferred stock to Baa2 from Baa3.

The outlook was revised to stable.

Concurrently, Moody's affirmed the ratings and maintained the stable outlook for Public Service Enterprise Group Inc. and PSEG Power LLC.

"Financial metrics at PSE&G have strengthened over the past several years," Moody's vice president and senior analyst Bill Hunter said in a news release, "as the utility has been able to recover investments that have improved its transmission and distribution network."

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