CORPORATION COMMENTS ON DOWNGRADE OF PG&E NATIONAL ENERGY GROUP
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.