S&P assigns Sempra notes BBB-

S&P said it assigned its BBB- issue-level rating to Sempra's planned fixed-to-fixed reset rate junior subordinated notes due Oct. 1, 2054.

“We rate these securities two notches below our BBB+ long-term issuer credit rating on Sempra to reflect their subordination and management's ability to defer interest payments on the instrument,” the agency said in a statement.

The company plans to use the proceeds for general corporate purposes, including repayment of commercial paper and potentially other indebtedness.

The outlook is stable.

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