(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.