Standard&Poor's Ratings Services determines Southern California Gas Co.'s (SoCal Gas) corporate credit rating from 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 the various unregulated ventures under Sempra Global. The nonutility businesses include liquefied natural gas (LNG) terminals, pipelines, gas storage, electric generation, RBS Sempra Commodities, and energy-related investments in Mexico and South America. We deem regulation in California as exceptionally supportive of credit quality, which allows us to notch up the corporate credit ratings of the utilities from those of the parent and unregulated subsidiaries. We characterize Sempra's business risk profile as strong and its financial risk
