(Reuters) – Moody’s on Thursday joined S&P in lowering PG&E Corp’s credit rating deeper into junk territory, citing a challenging environment for the California power provider as it faces billions of dollars in liabilities related to wildfires.
Moody’s, which cut PG&E’s rating to B2 from Baa3, said access to capital has become more uncertain for the company.
Downgrade - Reuters - Report - Friday - Sources
The downgrade followed a Reuters report on Friday, citing sources, that the utility company was exploring filing for bankruptcy protection.
Moody’s also downgraded its ratings of PG&E unit Pacific Gas & Electric Co to Ba3 from Baa2.
Company - PG - E - Intervention - Legislators
“The company (PG&E) is increasingly reliant on extraordinary intervention by legislators and regulators, which may not occur soon...
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