The strong business and financial profiles of Southern California Gas Co. (SoCal Gas) and San Diego Gas&Electric Co. (SDG&E) Fairly supportive regulatory environment in California Sempra Energy's philosophy toward nonregulated businesses emphasizes contractual cash flows and eschews commodity exposure Sempra Energy's aggressive growth plans as a natural gas infrastructure company Uncertainty in California regarding retail choice, resource adequacy, and renewable requirements Weak fundamentals for the U.S. natural gas, power, and liquefied natural gas markets Standard&Poor's Ratings Services' ratings on Southern California Gas Co. (SoCal Gas) are based on parent Sempra Energy's consolidated credit profile. The rating on Sempra reflects its consolidated credit profile, including SoCal Gas and San Diego Gas&Electric (SDG&E), as well as
