Fitch: Pacific Gas notes A-

Fitch Ratings said it assigned an A- rating to Pacific Gas & Electric Co.'s $750 million issuance of senior unsecured notes.

The notes were issued in two tranches, including a tranche of $400 million of 2.45% notes due Aug. 15, 2022 and a tranche of $350 million of 3.75% coupon notes due Aug. 15, 2042.

The outlook is stable.

The ratings reflect the challenges and uncertainties confronting the company in the aftermath of the September 2010 San Bruno natural gas pipeline explosion and fire, Fitch said.

Key ratings drivers include the continuation of a balanced regulatory regime in the state of California and the effective execution of its large capital expenditure program and the ability to recover related costs, the agency said.

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