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PCG PR A - Pacific Gas And Electric Co News Story

$29.28 -0.6  -1.8%

Sector
Utilities
Size
Large Cap
Market Cap £5.59bn
Enterprise Value £31.28bn
Revenue £13.37bn
Position in Universe th / 6853

BRIEF-Moody's Downgrades Pacific Gas & Electric To Ba3 And Pg&E Corp To B2

Thu 10th January, 2019 10:20pm
Jan 10 (Reuters) - PG&E Corp  PCG.N :
    * MOODY'S SAYS DOWNGRADES PACIFIC GAS & ELECTRIC TO BA3 AND
PG&E
CORP. TO B2; ASSIGNS BA3 CFR; RATINGS REMAIN ON REVIEW FOR
DOWNGRADE
    * MOODY'S SAYS SEE A MUCH MORE CHALLENGING ENVIRONMENT FOR
PG&E,
AS POTENTIAL LIABILITIES GROW, LIQUIDITY RESERVES DECLINE,
ACCESS TO CAPITAL BECOMES MORE UNCERTAIN
    * MOODY'S SAYS REVIEW FOR DOWNGRADE WILL CONTINUE TO LOOK
FOR
SIGNS OF LEGISLATIVE AND REGULATORY SUPPORT FOR PG&E
    * MOODY'S SAYS REVIEW FOR DOWNGRADE WILL CONTINUE TO LOOK
FOR
SIGNS OF LEGISLATIVE, REGULATORY SUPPORT FOR PG&E AS IT WORKS
THROUGH VARIOUS PROCESSES WITH CAL FIRE AND THE CPUC
    * MOODY'S SAYS DOWNGRADED RATINGS OF PACIFIC GAS & ELECTRIC
COMPANY, INCLUDING ITS SENIOR UNSECURED RATING TO BA3 FROM BAA2
    * MOODY'S SAYS DOWNGRADED RATINGS OF PACIFIC GAS & ELECTRIC
COMPANY, INCLUDING ITS SHORT TERM RATING FOR COMMERCIAL PAPER TO
NOT PRIME FROM PRIME-2
    * MOODY'S SAYS ALSO DOWNGRADED PG&E'S HOLDING COMPANY
INCLUDING
ITS SENIOR UNSECURED RATING TO B2 FROM BAA3
    * MOODY'S SAYS ALSO DOWNGRADED PG&E'S HOLDING COMPANY
INCLUDING 
ITS SHORT TERM RATING FOR COMMERCIAL PAPER TO NOT PRIME FROM
PRIME-3
    * MOODY'S SAYS ALLEGED VIOLATIONS AGAINST PG&E ARE MATERIAL
CREDIT
NEGATIVE FOR CO, IF FOUND TO BE TRUE, AS IT COULD BE A SIGN OF
SYSTEMIC WEAKNESS AT PG&E

Source text for Eikon:  ID:nMDY85Cwb5 
Further company coverage:  PCG.N 

 ((Reuters.Briefs@thomsonreuters.com;))
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