ENERGY

California Utilities’ Debt Downgraded: Moody’s Investors Service lowered its ratings on $19 billion in debt issued by the state’s three major utilities in anticipation of new competition in the industry. Moody’s said it was concerned that the utilities will not be able to sell power at competitive rates and will lose major customers when the market is deregulated under a plan to be phased in beginning in 1996. It downgraded the senior debt of San Francisco-based Pacific Gas & Electric to A2 from A1, the senior debt of San Diego Gas & Electric to A1 from AA3, and the senior debt of Southern California Edison to A2 from AA3.