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PCG PR A - Pacific Gas And Electric Co News Story

$30.29 -0.7  -2.3%

Sector
Utilities
Size
Large Cap
Market Cap £5.73bn
Enterprise Value £31.70bn
Revenue £13.51bn
Position in Universe th / 6858

BRIEF-Moody's Says Downgrades PG&E To Baa3

Thu 15th November, 2018 11:31pm
Nov 15 (Reuters) - MOODY'S:
    * MOODY'S SAYS DOWNGRADES PG&E TO BAA3 AND PACIFIC GAS &
ELECTRIC
TO BAA2; RATINGS ON REVIEW FOR DOWNGRADE
    * MOODY'S ON PG&E CORP - AT THIS TIME, MOODY'S DOES NOT
INCORPORATE VIEW THAT BANKRUPTCY FILING IS IMMINENT
    * MOODY'S SAYS RATING DOWNGRADE OF PG&E, PACIFIC GAS &
ELECTRIC 
REFLECTS MATERIAL EXPOSURE TO NEW POTENTIAL LIABILITIES
ASSOCIATED WITH CAMP FIRE
    * MOODY'S SAYS RATING DOWNGRADE OF PG&E, PACIFIC GAS &
ELECTRIC 
ALSO REFLECTS UNCERTAINTIES ASSOCIATED WITH HOW FIRE-RELATED
LIABILITIES WILL BE RECOVERED
    * MOODY'S - PG&E'S ACTIONS ON DEBT DRAWDOWN SUGGESTS THAT
POTENTIAL LIABILITIES ASSOCIATED WITH CAMP FIRE, ON TOP OF 2017
WILDFIRES, MAY BE EXTENSIVE
    * MOODY'S - IF PG&E IS HELD ACCOUNTABLE FOR CAMP FIRE,
EXPECT
LIABILITIES WILL MORE THAN LIKELY EXCEED CO'S LIQUIDITY RESERVES
    * MOODY'S SAYS IF PG&E IS HELD ACCOUNTABLE FOR CAMP FIRE, IT
MAY
IMPACT ITS ABILITY TO ACCESS CAPITAL MARKETS FOR A TEMPORARY
PERIOD OF TIME
    * MOODY'S ON PG&E SAYS INCORPORATES VIEW THAT CALIFORNIA'S
REGULATORS, LEGISLATORS WILL CONTINUE TO SUPPORT FINANCIAL
HEALTH OF THE STATE'S UTILITIES

Source text for Eikon:  ID:nMDY7pDsQY 
Further company coverage:  PCG.N 

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