S&P affirms Sempra Energy, SoCal Gas

S&P said it affirmed its BBB+ issuer credit rating on Sempra Energy and A issuer credit rating on subsidiary Southern California Gas Co. The outlooks remain negative.

At the same time, the agency affirmed the BBB+ senior unsecured debt rating at Sempra, the A+ senior secured debt rating at Southern California Gas, and the BBB+ rating on Southern California Gas' preferred stock. S&P also affirmed the short-term A-2 rating on Sempra and the A-1 short-term rating on Southern California Gas.

“The ratings affirmation follows the California legislature's approval of SB 901 and our high degree of confidence that the bill will become law. Although SB 901 provides various credit supportive measures for California's regulated electric utilities, we view this bill as a shorter-term measure that limits, but does not eliminate the risks borne by electric utilities,” S&P said in a news release.

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