The ratings on PSEG Power LLC (Power) are influenced by the credit quality of parent Public Service Enterprises Group Inc. (Enterprise). Power's ratings reflect unregulated operations that are volatile but have provided strong cash flows during the past two years, resulting in an improvement in the group's consolidated financial profile. Power's business risk profile is strong and is driven by its exposure to merchant power but offset by the location and profile of its low-cost fleet that is capable of matching supply along the demand dispatch curve. As of June 30, 2009, Power's total debt was about $3.2 billion. This includes Power's newly issued $304 million senior unsecured notes, which were used to part finance the exchange of about $367
