Fitch rates PG&E notes A-

Fitch Ratings said it assigned an A- rating to Pacific Gas and Electric Co.'s (PG&E) $800 million issuance of senior unsecured notes.

The PG&E notes are being issued in two tranches comprised of $300 million 10-year notes and $500 million 30-year senior notes.

The outlook is stable.

The ratings reflect the effect on the company of unrecoverable costs and fines related to the San Bruno accident, along with the ability of management to regain the confidence of its core constituencies in the wake of the San Bruno pipeline disaster, Fitch said.

The ratings also consider the adverse effects of ongoing, significantly higher costs being absorbed by the utility primarily to enhance pipeline safety in the aftermath of the September 2010 San Bruno disaster, the agency said.

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