S&P Slashes Pacific Gas & Electric's Credit Rating (BBB- To B) As Wildfire Liabilty Looms Larger

[hatrack]

Last edited Tue Jan 8, 2019, 11:50 AM - Edit history (1)

NEW YORK — S&P slashed PG&E’s credit rating to junk status as the utility grapples with the political and financial fallout from costly and deadly wildfires in California.

The ratings agency cut the company’s key rate five notches to “B” from “BBB-.” Shares have been weighed down since November and took a sharp dive Monday on bankruptcy speculation.

The utility, California’s largest, is contending with potentially crippling liability costs related to California’s Camp Fire. No cause has been determined, but investigators are looking into the potential it was sparked by a malfunctioned line.

EDIT

https://www.news957.com/business/2019/01/08/sp-slashes-pge-rating-to-junk-status/

[progree]

1. Down another 9% today so far as of this posting to $17.20

https://finance.yahoo.com/quote/PCG?p=PCG

Was in the $40's until about a month ago.