Fitch lifts Utility Contract

Fitch Ratings said it upgraded Utility Contract Funding, LLC's $829.3 million senior secured bonds to A-.

The upgrade follows an upgrade of an affiliated party linked to that of Utility Contract Funding, Fitch said.

The outlook remains stable.

The rating of the bonds is dependent on the credit quality of Public Service Electric & Gas Co. (PSE&G) or Morgan Stanley, the agency said.

The company has stable and predictable cash flows due to the fixed capacity and energy rates under its purchase power agreements, Fitch said.

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