Calif, utility gets another junk credit rating

摘要

Moody's Investors Service cut PG&E Corp.'s credit rating to junk citing the electric company's potential wildfire liabilities, a step that will force the company to post cash collateral and move it out of the biggest investment-grade bond index. The credit grader lowered PG&E's rating by five notches, to B2 from Baa3, and the utility Pacific Gas & Electric's rating four levels to Ba3, according to a statement. The bond grader said it may cut the company further. PG&E's shares and bonds fell.