S&P cuts PG&E to negative

Standard & Poor's said it revised the outlook to negative from stable on PG&E Corp. and its utility subsidiary Pacific Gas and Electric Co. and affirmed the BBB+ corporate credit ratings on the companies.

S&P revised the business profiles for both companies to strong from excellent.

The outlook and business profile revisions reflect a series of miscues that has undermined management's credibility in both the public and regulatory environments, the agency said.

The ongoing San Bruno, Calif., pipeline explosion investigation, combined with disputes over advanced metering and the failed June 2010 ballot initiative, has weakened the firm's business profile, the agency added.

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