EDITORS: Please do not use
"Pacific Gas and Electric" or "PG&E" when
referring to PG&E Corporation or its National Energy Group.
The 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
the National Energy Group in order to continue to receive quality
regulated services from Pacific Gas and Electric Company.
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
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.