Fitch rates Public Service Electric notes A

Fitch Ratings said it assigned an A rating to Public Service Electric and Gas Co.'s $250 million issue of 5.375% secured medium-term notes, series G, due Nov. 1, 2039.

The outlook is stable.

Proceeds will be used to finance a portion of the company's construction program and the repayment of the short-term debt.

The agency said the ratings reflect the consistency of cash flows from Public Service's regulated electric and gas distribution operations, the absence of commodity price exposure, a supportive regulatory framework and satisfactory financial measures. The ratio of debt to EBITDA for the last 12 months ended Sept. 30 was 2.9 times.

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