Standard&Poor's Ratings Services' ratings on Southern California Gas Co. (SoCal Gas) are based on its credit profile, which is influenced by parent company Sempra Energy's profile. Sempra includes SoCal Gas, San Diego Gas&Electric (SDG&E), and unregulated ventures. The nonutility businesses include liquefied natural gas (LNG) terminals, pipelines, gas storage, electric generation, and energy-related investments in Mexico and South America. Utility regulation in California is "more credit supportive" under our regulatory assessment criteria, and we notch the corporate credit ratings on SDG&E and SoCal Gas above the parent due to regulatory insulation. We classify SoCal Gas' business risk profile as "excellent" and its financial risk profile as "intermediate" under our criteria. SoCal Gas is the nation's largest
