Fitch assigns Sempra notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Sempra Energy's $500 million proposed issue of senior notes offering due 2023.

The outlook is stable.

Fitch said key rating drivers include the following: Predictable earnings and cash flows from regulated utility operations exemplified by GRC order; reasonably constructive regulatory environment at its core California utility operations; sizeable capital expenditure program; and Cameron liquefaction project a potential earnings driver though pressures metrics over the intermediate-term.

Sempra Energy's ratings primarily reflect its financial strength supported by its regulated utilities in California and its contracted energy infrastructure investments, the agency said. Roughly 90% of the earnings in the next several years will be regulated or contracted.

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