Sempra Energy operates as an energy services holding company worldwide. The company's San Diego Gas & Electric Company segment transmits and distributes electricity and/or natural gas. The companywas founded in 1998 and is based in San Diego, California.
The amount of natural gas flowing on pipelines to U.S. liquefied natural gas export plants is at its lowest levels since August, a signal of weak worldwide demand due to government lockdowns to repress the coronavirus. Consumption of liquefied natural gas (LNG) has remained stronger than gasoline demand as LNG is used for power generation, but the cash crunch hitting the global economy has cut demand. The amount of gas flowing to U.S. LNG plants was on track to fall to a nine-month low of 4.3 billion cubic feet per day (bcfd), data provider Refinitiv said in a preliminary report Monday that may be revised on Tuesday.
Moody's Investors Service, ("Moody's") today downgraded the long-term ratings of Southern California Gas Company (SoCalGas), including its senior unsecured rating to A2 from A1 and its secured First Mortgage Bond rating to Aa3 from Aa2. Concurrently, Moody's assigned an A2 rating to SoCalGas' $750 million bank credit facility scheduled to expire in 2024. Moody's affirmed SoCalGas' P-1 short-term rating for commercial paper.