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PG&E Corporation Comments On Downgrade Of Pg&E National Energy Group By Standard And Poor's

11/11/2002

(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.

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