Moody's pares PSEG

Moody's Investors Service said it lowered the long-term ratings of Public Service Enterprise Group Inc. (PSEG) and the ratings of Public Service Electric and Gas Co. (PSE&G).

The agency trimmed PSEG's senior unsecured rating to Baa2 from Baa1 and PSE&G's issuer rating to A3 from A2 and first mortgage bond rating to A1 from Aa3. The outlooks of PSEG and PSE&G were changed to stable from negative.

Moody's also assigned a new Baa2 issuer rating to PSEG Power LLC and changed its outlook to stable from negative. See below for a complete list of rating actions.

"Over the last few years, PSEG's credit metrics have deteriorated to the mid-teens from above 20% as more of its earnings and cash flows have been generated from its regulated utility operations," stated Jairo Chung, a Moody's analyst, in a press release. "Increased debt levels at the parent company to fund offshore wind expansion and a high level of utility capital investment will keep its metrics at these lower levels over the next few years."

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