Fitch cuts PG&E to negative

Fitch Ratings said it affirmed PG&E Corp.'s long-term issuer default rating at A-, short-term issuer default rating at F1, senior notes at A- and senior bank facility at A-. Fitch also affirmed its primary operating utility subsidiary Pacific Gas and Electric Co.'s long-term issuer default rating at A-, short-term issuer default rating at F1, senior notes at A, senior bank facility at A, preferred rating at BBB+ and commercial paper at F1.

The outlook was revised to negative from stable.

The negative outlook reflects the challenges and uncertainties in the aftermath of the San Bruno natural gas pipeline exposure and fire, including Pacific Gas' loss of the confidence of its key constituents in the aftermath of the San Bruno explosion and fire as well as the uncertain magnitude of future costs and fines related to the San Bruno accident and its ultimate impact on the company's consolidated financials, the agency said.

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