Moody's lowers PG&E's rating to junkStaff Writer | January 11, 2019
Moody’s on Thursday joined S&P in lowering PG&E’s credit rating deeper into junk territory.
America "The company (PG&E) is increasingly reliant on extraordinary interventi
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. ■