PG&E Corporation Obtains Extension Of Waiver Of Key Ratings Trigger


SAN FRANCISCO - Lenders under PG&E Corporation's (NYSE:PCG) aggregate $1.02 billion term-loan agreement have agreed to continue to waive through October 21, 2002, subject to earlier termination under certain circumstances, the agreement's requirement that PG&E National Energy Group (PG&E NEG) maintain an investment grade credit rating by either Standard & Poor's or Moody's Investors Service.

Discussions with PG&E NEG's lenders are currently underway. PG&E Corporation said that it is continuing its discussions with its lenders, General Electric Capital Corporation, Lehman Brothers, and certain other lenders, to develop long-term modifications to its credit agreement.


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