Fitch to rate PG&E notes A-

Fitch Ratings said it expects to assign an A- rating to Pacific Gas and Electric Co.'s $200 million 5 5/8% senior notes due Nov. 30, 2017 and $400 million 6.35% notes due Feb. 15, 2038.

The outlook is positive.

Proceeds will be used to repay short-term debt and for working capital purposes.

Ratings reflect the recent California Public Utility Commission's final order in PG&E's 2007 general rate case, which provides rate certainty through 2010, the agency said.

Ratings also consider existing laws and regulatory orders to ensure timely recovery of procurement and other costs incurred by the company, Fitch said.

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