PRESS RELEASES 2002 RELEASE
FOR IMMEDIATE RELEASE
October 11, 2002
Contact: PG&E Corporation 1-800-743-6397
EDITORS: Please do not use "Pacific Gas and Electric" or "PG&E" when referring to PG&E Corporation or its National Energy Group. The PG&E National Energy Group is not the same company as Pacific Gas and Electric Company, the utility, and is not regulated by the California Public Utilities Commission. Customers of Pacific Gas and Electric Company do not have to buy products or services from the National Energy Group in order to continue to receive quality regulated services from Pacific Gas and Electric Company.

PG&E CORPORATION COMMENTS ON DOWNGRADE OF PG&E NATIONAL ENERGY GROUP BY STANDARD AND POOR'S

(San Francisco, CA) -- Standard and Poor's announced today that it lowered the credit rating of PG&E Corporation's subsidiary PG&E National Energy Group (PG&E NEG) to B-.

In addition S&P lowered the credit ratings of the following PG&E NEG units:

  • PG&E Gas Transmission, Northwest Corporation to BB-

  • USGen New England, Inc. to B-

  • PG&E Generating Company, LLC to B-

  • PG&E Energy Trading Holdings Corporation to B-

  • GenHoldings I, LLC to CC

PG&E Corporation noted that S&P lowered the rating on PG&E Gas Transmission, Northwest Corporation to reflect S&P's requirement that an operating unit may not be rated more than three notches higher than its parent company, among other reasons. Thus, under its ratings guidelines, lowering PG&E NEG's rating to B- required S&P to lower the rating of PG&E Gas Transmission, Northwest Corporation.

PG&E Corporation previously has disclosed that it continues to explore options for PG&E NEG including sales of assets and businesses, debt restructuring, and reorganization of existing operations.


 

Copyright © 2004 - PG&E Corporation. All Rights Reserved . feedback . privacy policy