Moody's rates PG&E notes A3

Moody's Investors Service said it assigned a A3 rating to Pacific Gas and Electric Co.'s planned issuance of senior notes.

The agency affirmed PG&E's senior unsecured debt, senior unsecured tax-exempt debt, issuer rating and senior unsecured bank credit facility at A3, its preferred stock at Baa2 and its short-term rating for commercial paper at Prime-2.

The company's bank credit facility and all senior unsecured debt were affirmed at Baa1.

The outlook is stable.

PG&E's A3 senior unsecured rating reflects the continuing evidence of a more credit supportive regulatory environment in California, the sustainability of strong historical credit metrics, a sizable capital investment program and a corporate strategy centered around regulated rate base growth through infrastructure related investments, the agency said.

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