NEW YORK (Standard&Poor's) Oct. 2, 2002--Standard&Poor's said today it assigned its single-'A'-plus rating to the $250 million issue of first mortgage bonds series GG due 2012 by Southern California Gas Co. (SoCal Gas), a subsidiary of the San Diego-based Sempra Energy. The outlook is stable. SoCal Gas is the nation's largest gas distribution utility, and had $685 million in debt as of June 30, 2002. "The proceeds will be used to refund existing debt as well as for working capital requirements, including building gas storage in anticipation of the winter heating season," said Standard&Poor's credit analyst Swami Venkataraman. The rating reflects the consolidated credit profile of Sempra Energy's California-based utility subsidiaries, San Diego Gas
