Fitch applies BBB+ to Sempra Energy notes

Fitch Ratings said it assigned a BBB+ rating to Sempra Energy's $400 million 2.85% senior notes due 2020 and $350 million 3.75% senior notes due 2025.

The outlook is stable.

Fitch said key rating drivers include: predictable earnings and cash flows from regulated utility operations and contracted energy infrastructure investments; credit metrics consistent with the rating category; regulatory environment and recent general rate case settlement constructive at Sempra’s California utilities; balanced expansion in the unregulated business segments; sizeable capital expenditure at the California utilities and significant parent-level debt.

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