Moody’s reviewing PG&E units for possible downgrade

New York, NY, Dec. 29, 2000 à‚– Moody’s Investors Service has placed the securities of PG&E Transmission, Northwest Corporation (PGT) and the securities of PG&E Generating, LLC (PG&E Gen) under review for possible downgrade due to the possible negative impact that its parent’s financial distress may have on PGT and PG&E Gen.

Ratings placed under review include PGT’s senior unsecured debt rated A3 and its commercial paper rated Prime-2. Also, under review is PG&E Gen’s bank loan rating at Baa2 and its commercial paper rated Prime-2.

In its review, Moody’s will assess PGT and PG&E Gen’s exposure to its affiliates, including Pacific Gas and Electric Company and PG&E Corporation.

Headquartered in Portland, Oregon, Pacific Gas Transmission Company, Northwest Corporation is a regulated interstate natural gas transmission company extending from Canada to the California border.

Headquartered in Bethesda, Maryland, PG&E Generating, LLC (PG&E Gen) is a competitive generation company. Both are wholly owned subsidiaries of PG&E Corp.

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