Moody's ups Potomac Electric, Delmarva Power

Moody's Investors Service said it confirmed Pepco Holdings, Inc.'s Baa3 senior unsecured and issuer rating and its subsidiary Atlantic City Electric Co.'s Baa2 issuer rating.

At the same time, the agency upgraded Potomac Electric Power Co.'s issuer rating to Baa1 from Baa2 and Delmarva Power & Light Co.'s senior unsecured and issuer rating to Baa1 from Baa2.

The outlooks are stable.

"Our decision to upgrade Potomac Electric Power Co. and Delmarva Power & Light Co.'s ratings today reflects regulatory provisions in Washington D.C., Maryland and Delaware that are consistent with our view of a generally improving regulatory environment for U.S. electric and gas utilities," Moody's analyst Lesley Ritter said in a news release.

"However, the absence of a decoupling mechanism in New Jersey combined with a weak economic service territory and ongoing earnings lag drove the decision to confirm Atlantic City Electric's rating."

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