Fallen angel
Rating Action:
Moody's downgrades Pacific Gas & Electric to Ba3 and PG&E Corp. to B2; assigns Ba3 CFR; ratings remain on review for downgrade
10 Jan 2019
Over $21 billion of rated debt and credit facilities affected
New York, January 10, 2019 -- Moody's Investors Service, (Moody's) downgraded the ratings of Pacific Gas & Electric Company (PG&E or utility), including its senior unsecured rating to Ba3 from Baa2 and its short term rating for commercial paper to Not Prime from Prime-2. Moody's also downgraded PG&E's holding company, PG&E Corporation (PCG or parent), including its senior unsecured rating to B2 from Baa3 and its short term rating for commercial paper to Not Prime from Prime-3. At the same time, Moody's assigned a Ba3 Corporate Family Rating (CFR), a B1-PD Probability of Default rating and an SGL-3 Speculative Grade Liquidity Rating. Ratings of PCG and PG&E remain on review for downgrade.