...Southern California Gas Company's (SoCalGas) rating and Outlook are supported by its low-risk regulated gas distribution operation, a large customer base, a conservative capital structure, strong credit metrics and generally supportive California utility regulation. The financial and political uncertainties associated with the Aliso Canyon gas leak incident continues to be resolved but SoCalGas is vulnerable to customer refunds and numerous litigations, which could be costly and take years to settle. SoCalGas is subject to contagion risk from its utility affiliate, San Diego Gas and Electric (SDG&E; A/Stable), which carries higher operating risks, as its service territory is prone to wildfires....
