Fitch gives PG&E notes BBB+

Fitch Ratings said it assigned a BBB+ rating to PG&E Corp.'s issuance of senior unsecured notes.

Proceeds will be used to repay maturing parent company debt.

The outlook is stable.

Virtually all of PG&E's consolidated assets, earnings and cash flows are contributed by its core operating utility subsidiary, Pacific Gas and Electric Co. (PG&E).

Fitch said the key ratings drivers include: The effect of unrecoverable costs and fines related to the San Bruno accident on PCG's financials; the ability of management to regain the confidence of its core constituencies in the wake of the San Bruno pipeline disaster; future regulatory proceedings including PG&E's 2014 general rate case and 2015 gas transmission and storage rate proceedings; and effective execution of PG&E's large capital program.

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