Company: SREA
Filing Date: 2025-02-25
Form Type: 10-K
Source: 0001032208-25-000012
Chunk: 23

Company: SEMPRA
Filing Date: 2025-02-25
Form: 10-K
Item: Item 7
Chunk 23
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Payments:PaymentsMaturitySDG&E variable rate term loan$400 2024SoCalGas 3.15% first mortgage bonds500 2024

At December 31, 2024, Sempra expects to make interest payments on long-term debt totaling $27.2 billion, of which $1.5 billion is expected to be paid in 2025 and $25.7 billion is expected to be paid in subsequent years through 2079. At December 31, 2024, SDG&E expects to make interest payments on long-term debt totaling $6.7 billion, of which $400 million is expected to be paid in 2025 and $6.3 billion is expected to be paid in subsequent years through 2054. At December 31, 2024, SoCalGas expects to make interest payments on long-term debt totaling $5.6 billion, of which $300 million is expected to be paid in 2025 and $5.3 billion is expected to be paid in subsequent years through 2054. We calculate expected interest payments using the stated interest rate for fixed-rate obligations, including floating-to-fixed interest rate swaps. We calculate expected interest payments for variable-rate obligations based on forecasted rates in effect at December 31, 2024.

We discuss our long-term debt activities, including the use of proceeds on long-term debt issuances, and maturities in Note 6 of the Notes to Consolidated Financial Statements.

Credit Ratings

The issuer credit ratings of Sempra, SDG&E and SoCalGas remained at investment grade levels in 2024.

ISSUER CREDIT RATINGS AT DECEMBER 31, 2024 SempraSDG&ESoCalGasMoody’sBaa2 with a stable outlookA3 with a stable outlookA2 with a stable outlookS&PBBB+ with a stable outlookBBB+ with a stable outlookA with a negative outlookFitchBBB+ with a stable outlookBBB+ with a stable outlookA with a stable outlook

On January 9, 2025, S&P affirmed Sempra’s issuer credit rating and revised Sempra’s outlook to negative from stable. At the same time, S&P downgraded SoCalGas’ issuer credit rating to A- from A and revised SoCalGas’ outlook to stable from negative. 

2024 Form 10-K  |  84

Downgrades of or other negative actions with respect to Sempra’s or any