We affirmed our 'BBB+' rating on PSEG Power LLC. The affirmation reflects that, on a stand-alone basis, PSEG Power continues to perform well, and we believe it continues to be a core part of its parent company's strategy. The metrics of Power on a standalone basis are likely to improve with the recent advent of zero emissions certificate (ZEC) legislation in the state of New Jersey. The stable outlook reflects our expectation of metrics that are substantially stronger than those of independent power producer peers, with leverage well under 3x at the independent power producer level. On May 29, 2018, S&P Global Ratings affirmed its 'BBB+' issuer credit rating on Newark, N.J.-based PSEG Power LLC. The outlook is stable. At
