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Moody's lowers PG&E's rating to junk

PG&E
America   "The company (PG&E) is increasingly reliant on extraordinary interventi

Moody’s on Thursday joined S&P in lowering PG&E’s credit rating deeper into junk territory.


Moody’s, which cut PG&E’s rating to B2 from Baa3, said access to capital has become more uncertain for the company.

The downgrade followed a Reuters report on Friday, citing sources, that the utility company was exploring filing for bankruptcy protection.

Moody’s also downgraded its ratings of PG&E unit Pacific Gas & Electric Co to Ba3 from Baa2.

“The company (PG&E) is increasingly reliant on extraordinary intervention by legislators and regulators, which may not occur soon enough or be of sufficient magnitude to address these adverse developments,” Jeff Cassella, Moody’s vice president-senior credit officer, said in a statement.

S&P cut the rating on PG&E and its Pacific Power & Gas Co unit on Monday to “B” from “BBB-,” the lowest tier of so-called investment-grade ratings.

 

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