(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.