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S&P ups PG&E, Pacific Gas
S&P said it raised its issuer credit rating on PG&E Corp. and subsidiary Pacific Gas & Electric Co. to A- from BBB+.
The outlook is stable.
The agency also upgraded the issue-level rating on PG&E's senior unsecured debt to BBB+ from BBB and the issue-level rating on Pacific Gas & Electric's senior unsecured debt to A- from BBB+. In addition, it raised the rating on Pacific Gas & Electric's preferred stock to BBB from BBB-.
"The one-notch ratings upgrade reflects a gradual improvement in the company's business risk profile following the 2010 San Bruno gas transmission explosion," S&P credit analyst Gabe Grosberg said in a news release.
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