Moody's upgrades PG&E

Moody's Investors Service said it upgraded the long-term debt ratings of Pacific Gas and Electric Co. (PG&E), including its issuer rating and senior unsecured debt rating to A3 from Baa1 and the issuer rating and bank loan rating of its parent PG&E Corp. (PGC) to Baa1 from Baa3.

PG&E's short-term rating for commercial paper is affirmed at Prime-2. The rating action concludes a review for upgrade, which began on April 9.

The rating outlook for PG&E and PCG is stable.

"Today's rating action is an acknowledgement of the continued demonstration of a more constructive regulatory environment in California which should lead to sustainable and predictable credit metrics for PG&E and PCG," A.J. Sabatelle, Moody's vice president and senior credit officer, said in a written statement.

The upgrade also considers PCG's lower risk business strategy as almost all of the company's consolidated revenue, earnings and cash flow over the next several years will be derived from its regulated utility business, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.