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Fitch gives San Diego Gas bonds AA
Fitch Ratings said it assigned a rating of AA to San Diego Gas & Electric's $500 million of 4.5% coupon first mortgage bonds, series III, due 2040.
The transaction is expected to close on Aug. 26, the agency said, adding that proceeds from the transaction will be used for general corporate purposes, including enhancement and improvement of the utility plant, debt retirement and working capital needs.
According to Fitch, San Diego Gas' key credit rating drivers include: 1) strong, relatively predictable earnings and cash flows; 2) manageable debt burden; 3) balanced political/regulatory environment; and 4) large utility and natural gas infrastructure focused capital expenditure program.
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