news-events

PG&E Corporation Comments On Downgrade Of PG&E National Energy Group Credit Rating By S&P

07/31/2002

(San Francisco, CA) - Credit rating agency Standard and Poor's today notified PG&E Corporation and the PG&E National Energy Group that it has placed the PG&E NEG on Credit Watch Negative and downgraded the unit's credit rating from BBB to BB+. Additionally, S&P has informed PG&E Corporation that it has made credit ratings and Credit Watch revisions to the following PG&E NEG operating units. PG&E Energy Trading Holdings LLC has been placed on Credit Watch Negative and its credit rating revised from BBB+ to BB+. USGen New England, Inc. has been placed on Credit Watch Negative and its credit rating has been revised from BBB- to BB+. PG&E Gas Transmission, Northwest Corporation has been placed on Credit Watch Negative and its credit rating has been revised from A- to BBB+.

While disappointing, these revisions to the credit ratings and credit outlook for portions of our business are in keeping with the credit agency's larger overall industry review, PG&E Corporation said. S&P's notice of the downgrades stated they were being made in part as a result of adoption of recently revised "more robust" rating methodologies that are being applied "across the board to this sector" to evaluate credit risk. Since January 1, 2002, S&P has revised downward the credit ratings of 78 energy holding companies and operating subsidiaries principally reflecting current challenging market conditions in the energy sector.

PG&E Corporation said that it will discuss further its plans to address the S&P downgrades during the Corporation's previously scheduled second quarter earnings call which will now take place on Thursday, August 1 at 5:30 a.m. (PDT) 8:30 a.m. (EDT). The call was originally scheduled to take place at 8:00 a.m. (PDT) 11:00 a.m. (EDT). The call will be available via webcast at www.pgecorp.com.

RSS

Shareholder Information

EQ Shareowner Services
Transfer Agent
1-888-489-4689

PG&E Shareholder Services
CorporateSecretary@pge.com

Investor Relations Contact Info

invrel@pge-corp.com

Receive Email Alerts

Email Address *
Mailing Lists *



 
Enter the code shown above.