PRESS RELEASES 2002 RELEASE
FOR IMMEDIATE RELEASE
October 16, 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 UNITS BY MOODY'S INVESTORS SERVICE

(San Francisco, CA ) - Moody's Investors Service announced today that it lowered the credit rating of several units of PG&E Corporation's subsidiary PG&E National Energy Group (PG&E NEG).

Today's action by Moody's lowered the ratings of the following wholly owned PG&E NEG units:

  • PG&E Gas Transmission, Northwest Corporation to Baa3 from Baa2

  • USGen New England, Inc. to Ba3 from Baa3

  • Attala Generating Company, LLC to Ba3 from Baa3

Moody's left in place its current rating of B1 for PG&E NEG. The ratings agency indicated, however, that it continues to review the current credit ratings of PG&E NEG and its units for possible future downgrade.

PG&E Corporation noted that Moody's revised rating on PG&E Gas Transmission, Northwest Corporation to Baa3, still kept the unit at an investment grade credit level, although Standard & Poor's October 11, 2002 downgrade of PG&E Gas Transmission, Northwest Corporation (downgraded to BB- from BBB+) fell below investment grade.

PG&E Corporation said it is continuing to explore options for the 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