On May 28, Standard&Poor's affirmed its ratings on PSEG Power LLC (BBB/Stable/--). Newark, New Jersey-based PSEG Power has nearly $2.7 billion in outstanding debt, which includes about $800 million of non-recourse debt associated with generation projects under development in the Midwest. Ratings reflect the benefits of affiliation with regulated utility Public Service Electric&Gas Co. (PSE&G), credit risks associated with PSEG Power's relationship with companies that make up PSEG Energy Holdings, and the interplay between PSEG Power's moderate debt burden, its diverse portfolio of generation assets, and the possibility that the generation portfolio can become fully exposed to the fluctuations of wholesale generation markets in a short time. PSEG Power is a wholly owned subsidiary of Public
