Company: SREA
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001032208-25-000027
Chunk: 138

Company: SEMPRA
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 138
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 shareholder dividends, and temporarily finance capital expenditures or acquisitions. SDG&E and SoCalGas use short-term debt primarily to meet working capital needs or to help fund event-specific costs. Commercial paper and lines of credit were our primary sources of short-term debt funding in the first three months of 2025.

We discuss our short-term debt activities in Note 7 of the Notes to Condensed Consolidated Financial Statements and below in “Sources and Uses of Cash.”

Long-Term Debt Activities

Significant issuances of and payments on long-term debt in the first three months of 2025 included the following:

LONG-TERM DEBT ISSUANCES AND PAYMENTS(Dollars in millions)Issuances:Amount at issuanceMaturitySDG&E 5.40% first mortgage bonds$850 2035Sempra Infrastructure variable rate notes (ECA LNG Phase 1 project)54 2025Sempra Infrastructure variable rate notes (PA LNG Phase 1 project)881 2030Sempra Infrastructure 6.27% senior secured notes (PA LNG Phase 1 project)750 2042Payments:PaymentsMaturitySempra Infrastructure variable rate notes (PA LNG Phase 1 project)$737 2030

We discuss our long-term debt activities, including the use of proceeds on long-term debt issuances, in Note 7 of the Notes to Condensed Consolidated Financial Statements.

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Credit Ratings

We provide additional information about the credit ratings of Sempra, SDG&E and SoCalGas in “Part I – Item 1A. Risk Factors” and “Part II – Item 2. MD&A – Capital Resources and Liquidity” in the Annual Report.

The issuer credit ratings of Sempra, SDG&E and SoCalGas remained at investment grade levels in the first three months of 2025. 

ISSUER CREDIT RATINGS AT MARCH 31, 2025   SempraSDG&ESoCalGasMoody’sBaa2 with a negative outlookA3 with a stable outlookA2 with a stable outlookS&PBBB+ with a negative outlookBBB+ with a stable outlookA- with a stable outlookFitchBBB+ with a stable outlookBBB+ with a stable outlookA with a stable outlook

A downgrade of Sempra’s or any of its subsidiaries’ credit ratings or rating outlooks may, depending on the severity, result in the imposition of financial or other burdensome covenants or a requirement