-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D/ZeiuI3l58RahOrzI08Ti8SgpwU/uoV2L1Fn+MEAu2bATvgdgVhYELznpuvJenG orrMlsoLloEt4r3OEqTieQ== 0001032210-02-001626.txt : 20021120 0001032210-02-001626.hdr.sgml : 20021120 20021120125700 ACCESSION NUMBER: 0001032210-02-001626 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021119 ITEM INFORMATION: Other events FILED AS OF DATE: 20021120 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PG&E GAS TRANSMISSION NORTHWEST CORP CENTRAL INDEX KEY: 0000075491 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] IRS NUMBER: 941512922 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25842 FILM NUMBER: 02834418 BUSINESS ADDRESS: STREET 1: 1400 SW 5TH AVE CITY: PORTLAND STATE: OR ZIP: 97201 BUSINESS PHONE: 5038334000 MAIL ADDRESS: STREET 1: 1400 SW 5TH AVE CITY: PORTLAND STATE: OR ZIP: 97201 FORMER COMPANY: FORMER CONFORMED NAME: PACIFIC GAS TRANSMISSION CO DATE OF NAME CHANGE: 19950411 8-K 1 d8k.htm FORM 8-K Form 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: November 19, 2002
 
COMMISSION FILE NO. 0-25842
 
 
PG&E Gas Transmission, Northwest Corporation
(Exact name of registrant as specified in its charter)
 
California
  
94-1512922
(State or other jurisdiction of
  
(I.R.S. Employer Identification No.)
incorporation or organization)
    
1400 SW Fifth Avenue, Suite 900,
  
97201
Portland, OR
  
(Zip code)
(Address of principal executive offices)
    
 
Registrant’s telephone number, including area code: (503) 833-4000
 

 
Item 5.    Other Events
 
Rating Actions
 
On November 13, 2002, Moody’s Investors Service (Moody’s) announced its decision to downgrade the credit rating of PG&E Gas Transmission, Northwest Corporation’s (PG&E GTN) senior unsecured debt to B1 from Ba1. The PG&E GTN rating remains under review for possible downgrade.
 
Moody’s stated in its press release that its rating action reflects the disclosure by PG&E National Energy Group (PG&E NEG), PG&E GTN’s parent company, that PG&E NEG would not make certain interest and principal payments under its senior unsecured bonds and its unsecured bank credit facility. Moody’s stated that its review for possible downgrade for PG&E GTN reflects the potential adverse effects of a possible bankruptcy filing by PG&E NEG.
 
On November 14, 2002, Standard & Poor’s (S&P) announced its decision to downgrade the credit rating of PG&E GTN to CCC from BB-. The rating on PG&E GTN remains on CreditWatch with negative implications.
 
S&P stated that its rating action reflects the possibility that PG&E NEG may not be successful in resolving its financial difficulties outside of bankruptcy. S&P lowered PG&E GTN’s rating to reflect S&P’s maximum three-notch differential between the rating of a ring fenced entity and its ultimate parent. S&P noted that PG&E GTN’s stand-alone credit quality remains considerably stronger than the current rating would indicate.

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SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereto duly authorized.
 
 
       
PG&E GAS TRANSMISSION, NORTHWEST CORPORATION
 
November 19, 2002
      
By:
  
/s/    JOHN R. COOPER        
               
John R. Cooper
Senior Vice President,
Chief Financial Officer and Treasurer

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