Moody's affirms PG&E, gives loans A3, Baa1

Moody's Investors Service said it affirmed the ratings of Pacific Gas & Electric Co. (A3 senior unsecured) and its parent, PG&E Corp. (Baa1 senior unsecured).

The outlook remains stable.

Concurrent with this rating affirmation, Moody's has assigned an A3 rating to PG&E's $3 billion revolving credit facility as well as a Baa1 rating to the parent's $300 million revolving credit facility. Both facilities expire in 2016.

According to the agency, PG&E's A3 senior unsecured rating reflects the sustainability of strong credit metrics due in large part to the continuation of a credit supportive regulatory environment in California as well as a corporate strategy centered around regulated rate base growth through infrastructure-related investments.

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