Fitch drops PG&E

Fitch Ratings said it has downgraded the ratings of the PG&E Corp. and its primary operating utility subsidiary, Pacific Gas and Electric Co.

Specifically, PG&E's long-term issuer default rating went to BBB+ from A-; short-term issuer default rating to F2 from F1; senior unsecured notes to BBB+ from A-; and senior unsecured bank facility to BBB+ from A-, the agency said.

Fitch added that Pacific Gas and Electric's long-term issuer default rating dropped to BBB+ from A-; short-term issuer default rating to F2 from F1; senior unsecured notes to A-from A; senior unsecured bank facility A-from A; preferred to BBB from BBB+; and commercial paper F2 from F1.

The outlook is stable.

The ratings and stable outlook reflect the challenges and uncertainties in the aftermath of the San Bruno natural gas pipeline explosion and fire, the agency added.

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