S&P affirms PG&E

S&P said it affirmed its BBB issuer credit ratings on PG&E Corp. and subsidiary Pacific Gas and Electric Co. (PacGas) and removed the ratings from CreditWatch, where they were placed with negative implications on Dec. 22, 2017.

The outlook on both entities is negative.

At the same time, S&P affirmed the BBB unsecured debt rating at subsidiary PacGas, and removed rating from CreditWatch, where they were placed with negative implications on Dec. 22, 2017.

S&P also affirmed the A-2 short-term rating on PG&E Corp. and PacGas and removed the ratings from CreditWatch, where they were placed with negative implications on Dec. 22, 2017.

The CCC+ rating on the preferred stock at PacGas remains on CreditWatch with negative implications.

“The ratings affirmation follows the California State Legislature's approval of SB 901 and indicates our high degree of confidence that the bill will be enacted into law. In our view, the bill provisions are designed to protect credit quality and to limit the wildfire risks to California's regulated electric utilities,” S&P said in a news release.

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