First mortgage bonds are collateralized by utility property and are rated the same as the firm's corporate credit rating. $300 million subject to a total of $500 million at SoCal Gas and SDG&E. A fundamentally stable regulated gas distribution business of strong credit quality--SoCal Gas is the largest gas distributor in the country and Low rates and highly efficient operations. Highly uncertain regulatory environment for electric utilities in California and Aggressive growth plans for Sempra's nonregulated businesses, which are targeted at 50% of net income by 2004. The ratings on Southern California Gas Co. (SoCal Gas) reflect the consolidated profile of Sempra Energy and its subsidiaries, including energy trading, merchant generation, and investments in Mexico and South America. While the
