PRESS RELEASE
 
  October 8, 2002

NEWS MEDIA CONTACT:
  PG&E Corporation, 1-800-743-6367

EDITORS: Please do not use "Pacific Gas and Electric" or "PG&E" when referring to PG&E Corporation or its wholly owned subsidiary, PG&E National Energy Group, Inc. PG&E National Energy Group is not the same company as Pacific Gas and Electric Company, the utility, and is not regulated by the California Public Utilities Commission. Customers of Pacific Gas and Electric Company do not have to buy products or services from PG&E National Energy Group in order to continue to receive quality regulated services from Pacific Gas and Electric Company.

 

PG&E CORPORATION COMMENTS ON DOWNGRADE OF PG&E NATIONAL ENERGY GROUP BY MOODY'S

SAN FRANCISCO, Ca. – Moody’s Investors Service today lowered PG&E National Energy Group’s (PG&E NEG) credit rating from Ba2 to B1.

The company said the downgrade does not trigger any incremental financial obligations at the Corporation or at PG&E NEG beyond those associated with previous rating agency downgrades.

PG&E Corporation previously has disclosed that it continues to explore options for PG&E NEG including sales of assets and businesses, debt restructuring, and reorganization of existing operations.

PG&E NEG is a wholly owned subsidiary of PG&E Corporation.

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