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Southern California Gas Co. Nov 11
Standard & Poors, November 2011
SoCal Gas' excellent business risk profile and strong stand-alone credit metrics; Fairly supportive regulatory environment in California; and Parent Sempra Energy's philosophy toward nonregulated businesses emphasizes contractual cash flows and eschews commodity exposure. Sempra Energy's aggressive growth plans as a natural gas infrastructure company; High capital expenditures related to the California utilities' infrastructure, resource adequacy, and renewable energy initiatives; and Weak fundamentals for the U.S. natural gas, power, and liquefied natural gas markets. Standard & Poor's Ratings Services' ratings on Southern California Gas Co. (SoCal Gas) are based on parent Sempra Energy's consolidated credit profile. The rating on Sempra reflects its consolidated credit profile, including SoCal Gas and San Diego Gas & Electric (SDG&E), as well as the various unregulated...
Companies mentioned in this report are: Southern California Gas Co.,Pacific Enterprises,San Diego Gas & Electric Co.,Sempra Energy,Sempra Energy Employee Stock Ownership Plan and Trust
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Southern California Gas Co.,Pacific Enterprises,San Diego Gas & Electric Co.,Sempra Energy,Sempra Energy Employee Stock Ownership Plan and Trust