TEXT-S&P bulletin on Sempra Energy

(The following statement was released by the ratings agency)

March 28 - Standard & Poor's Ratings Services said today that its ratings
and outlook on Sempra Energy (SRE.N: Quote, Profile, Research) (BBB+/Stable/A-2) are not affected
following the company's announcement that final regulatory approval has been
received to complete its transaction to form the commodities-marketing joint
venture, RBS Sempra Commodities. The creation of RBS Sempra Commodities is
factored into our analysis and we affirmed Sempra's ratings upon the
announcement of the joint venture in mid-2007. Although Sempra's business risk
will substantially improve because of the transaction, the joint venture's
credit benefits will be almost entirely offset by Sempra's intention to
complete a $1.5 billion - $2 billion leveraged share-repurchase program by
2009.
(New York Ratings Team)