NEW YORK (S&P Global Ratings) May 16, 2025--S&P Global Ratings today assigned its 'BBB' issue-level rating to PSEG Power LLC's new senior unsecured notes. The company issued the senior unsecured notes in two tranches, maturing in 2030 and 2035, for an aggregate amount of $1.25 billion. PSEG Power will use the proceeds from these notes to repay its $1.25 billion term loan due June 2025. We expect the company will maintain S&P Global Ratings-adjusted funds from operations to debt of more than 30% and S&P Global Ratings-adjusted debt to EBITDA of 2x-3x after incorporating the refinancing transaction. Our ?BBB? issuer credit rating and stable outlook on PSEG Power are unchanged. Criteria Corporates General: Sector-Specific Corporate Methodology , April 4,
