Fitch rates Sempra notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Sempra Energy, Inc.'s $600 million 2.3% senior notes dues 2017.

The outlook is stable.

The ratings and outlook are supported by its solid financial profile and the strength of its core California-based utility subsidiaries, San Diego Gas & Electric Co. and Southern California Gas Co., Fitch said.

The utilities benefit from a balanced regulatory environment that is supportive of utility credit quality, the agency said.

The ratings also consider risks associated with the ongoing significant capital expenditure program at the utilities, Fitch said, as well as the portfolio of unregulated investments.

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