S&P downgrades PG&E

S&P said it lowered all its long-term ratings on PG&E Corp. and Pacific Gas & Electric Co. by one notch, including the issuer credit ratings to BBB+ from A-.

The ratings remain on CreditWatch, where they were placed with negative implications on Dec. 22.

“In the year-end earnings release and communications, PG&E management was not able to clarify when and whether the suspended stock dividends will be resumed and did not offer any new or better information on the potential wildfire exposure amount that would prompt continued suspension,” the agency said in a news release.

“As a result, we no longer believe that the company's risk management capabilities are consistent with the prior ratings, and its inability to understand and quantify and therefore adequately manage the wildfire risks has weakened its credit profile.”

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