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Sempra Energy

SRE Utilities has two regulated utility subsidiaries, SoCalGas and SDG&E, that both serve southern California. Over time we see the business profile shifting towards the non-utility business. We have noted numerous times in the past that a large regulated acquisition by 2019 was likely in order to head off a ratings downgrade, and now Sempra has emerged as the winning bidder for EFIH which owns 80% of the equity in Oncor, a North Texas utility. SRE International is a holding company for its electric utilities in Chile and Peru and natural gas infrastructure in Mexico. SRE US Gas & Power owns natural gas infrastructure in the US, including its three planned LNG facilities, non-California distribution utilities, renewable projects and gas plants in California. The heavy growth emphasis is on Mexico and Latin America and on assets that can be dropped into a potential total return vehicle which has been shelved for now. (20 Mar 2018)

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Oil & Gas: HY E&P 2019 Hedging Outlook

Sector Outlook: 14 Dec 2018, 5:51 AM ET - We are following up on our recent updates to cash flow expectations, liquidity and maturity outlooks, and external funding options for our High Yield E&P coverage group with a comprehensive 2019 hedging analysis.

Utilities: 3Q % Holdco Debt to Total Debt Update

Sector Analysis: 13 Dec 2018, 6:03 AM ET - We provide an update on US utility holdco debt with figures as of 3Q18. Holdo debt to total is viewed as a key agency metric with 30% being the key threshold before holdco debt can be notched downward more than 1-2 notches from the opcos.

MEAG: Power and General Power Revenue Bonds

Municipals Analysis: 12 Dec 2018, 5:50 AM ET - On Wednesday the Municipal Electric Authority of Georgia will issue $175 mn Power Revenue and $70 mn General Power Revenue Bonds which correspond and will be on a parity with its outstanding Project One and General Resolution Bonds.

Xcel Energy: Plans to go 100% Renewable by 2050

Worth Watching: 04 Dec 2018, 11:26 PM ET - Xcel Energy  (A3/BBB+) announced plans to serve all of its customers across eight Midwest and Rocky Mountain states with 100% renewable energy by 2050 and also expects to see an 80% reduction in CO2 emissions by 2030 from 2005 levels.  The comp ..

PacGas & Edison Updates; Upgrading EIX Holdco/Opco

Company Analysis: 03 Dec 2018, 6:06 AM ET - We are upgrading Edison parent debt and SoCalEd opco debt from Market perform to Outperform based on wide bond spreads and balances sheets that can easily handle a $10 billion worst-case scenario.  

Oil & Gas: HY E&P Cash Flows at $50/bbl Oil

Sector Analysis: 28 Nov 2018, 4:10 AM ET - We now see HY E&P 2019 cash flows coming in 24% lower than previously expected at our new $50/WTI price deck ($65/WTI old).  We expect to see a mix of capex cuts, divestitures and incremental borrowings next year.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.

PacGas: Positive PUC Talk; Bailout Cust. Impact

Worth Watching: 15 Nov 2018, 11:57 PM ET - PacGas (opco Baa3/BBB) got some much needed good news that caused the stock to rally after-hours when the head of the California Public Utilities Commission (CPUC) indicated on a BofA investor call that the commission supported having a strong ..

PacGas: Model Update and Questions/Thoughts

Company Analysis: 14 Nov 2018, 4:16 AM ET - We provide some thoughts on the latest PacGas situation, questions we want answered, and some modeling framework for whatever the ultimate claims come in at. 

PacGas: Downgrade to M/P; Need another Bill Passed

Company Analysis: 11 Nov 2018, 8:24 PM ET - We are downgrading PacGas opco bonds from Marketperform to Underperform based on the recent SB 901 bill not including 2018 wildfires and recent negative press reports on PCG equipment near the source and timing of the current fires. 

Utilities: Questions We Want Answered at EEI

Sector Analysis: 08 Nov 2018, 4:37 AM ET - We are heading to EEI in San Francisco for the annual investor conference and lay out in this report the bondholder questions we want answered from various management teams.

PacGas: Focus Turns to Rate-Case & Stress Test

Company Analysis: 05 Nov 2018, 3:31 PM ET - We reiterate our contrarian Outperform rating on PCG opco bonds given the uneventful 3Q earnings report. 

Utilities: 3Q FFO Tracker; Unchanged YoY So Far

Sector Analysis: 05 Nov 2018, 5:18 AM ET - We still have not seen any significant negative impact from tax reform from the over 15 utilities in our core coverage that have full 3Q cash flow statements available.

Framing Berkshire’s Nevada Utility Ballot Vote

Company Analysis: 01 Nov 2018, 10:05 PM ET - We don't see any concerns for bondholders and frame Nevada ballot question #3 for bondholders. 

October 2018 US Company Recommendation Changes

US Company Recommendation Changes: 31 Oct 2018, 10:03 PM ET - Our monthly report provides executive summaries for the twenty-eight company recommendation changes made on North American companies during the month of October.

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.

FirstEnergy: 3Q Follow-up; Conf. Call Q&A Notes

Company Analysis: 26 Oct 2018, 2:12 PM ET - We follow-up our earlier FirstEnergy (Baa3/BBB-) report with a summary and commentary on the conference call Q&A. 

FirstEnergy: Strong 3Q - Favorite Utility Holdco

Worth Watching: 25 Oct 2018, 10:27 PM ET - FirstEnergy  (Baa3/BBB-) reported LTM FFO/debt slipped slightly from 2Q but this is due to 4Q17 and 1Q18 still including positive cash flows from the now fully exited genco so the slip was fully expected and FE remains our top pick for U.S. uti ..

Sempra: Oncor to Buy HIFR for $1.28bn

Worth Watching: 18 Oct 2018, 1:40 PM ET - Sempra Energy (Baa1/BBB+) fully regulated T&D utility subsidiary Oncor (80.25% owned by SRE) announced it has agreed to purchase 100% of the equity interest in TX based wires-only utility InfraREIT (HIFR) for $1.275bn ($21/share) at a 15.7x P/E ..

US Strategy: What to Watch for on 3Q Earning Calls

Strategy Analysis: 11 Oct 2018, 4:37 AM ET - We surveyed our analyst teams for key sector level issues they will be paying close attention to with upcoming third quarter earnings calls beyond the typical sales, margins and earnings guidance. 

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