PRESS RELEASE
 
  October 18, 2002

NEWS MEDIA CONTACT:
  PG&E Corporation 1-800-743-6397

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 INVESTORS SERVICE

SAN FRANCISCO, Ca. – Moody’s Investors Service announced today that it lowered the credit ratings of PG&E Corporation's subsidiary PG&E National Energy Group (PG&E NEG) and several of the unit’s wholly owned subsidiaries.

Ratings downgraded and under review for further downgrade include:

  • PG&E National Energy Group, Inc. – Senior Unsecured Debt, Issuer Rating, and Syndicated Bank Credit Facility to B3 from B1.

  • PG&E National Energy Group, Inc. – Senior Implied Rating to B2 from Ba3.

  • PG&E Gas Transmission, Northwest Corporation – Senior Unsecured Debt to Ba1 from Baa3.

  • USGen New England, Inc. – Pass-Thru Certificates and Syndicated Bank Credit Facility to B2 from Ba3.

  • Attala Generating Company, LLC – Senior Secured Debt to B2 from Ba3.

PG&E Corporation is continuing to explore options for the PG&E NEG including sales of assets and businesses, debt restructuring, and reorganization of existing operations.

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