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DUFF & PHELPS ADDS PACIFIC ENTERPRISES' PREFERRED STOCK TO RATING WATCH -- FAVORABLE

 CHICAGO, March 24 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has added Pacific Enterprises' preferred stock, currently rated `BBB-' (Triple-B-Minus), to Rating Watch -- Favorable. Approximately $258 million of securities are affected. The ratings of subsidiary Southern California Gas Company are not included in the Rating Watch action.
 Pacific Enterprises has indicated plans to issue common stock which, when combined with a recently received tax credit and available cash, will be used to repay substantially all non-utility debt, excluding debt related to employee benefit plans. Such an action would result in further, more rapid strengthening in the capital structure. Duff & Phelps' review will focus on the extent of expected improvement in Pacific Enterprises' financial profile as it pays down remaining debt and continues its downsizing and cost-cutting efforts.
 Pacific Enterprises has been reducing leverage through cash received from utility dividends, tax benefits, and proceeds from recently completed asset sales. The company's focus has returned to its core business, Southern California Gas Company. Natural gas distribution activities should continue to provide a strong earnings base.
 -0- 3/24/93
 /CONTACT: David W. Eisinger, CFA of Duff & Phelps Credit Rating Co., 312-368-3145/
 (PET)


CO: Pacific Enterprises ST: California IN: OIL SU: RTG

WB -- NY051 -- 9143 03/24/93 13:33 EST
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Publication:PR Newswire
Date:Mar 24, 1993
Words:207
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