Mounting questions by regulators and elected officials about corporate governance at Pacific Gas and Electric Co. (PG&E) have prompted Moody's Investors Service to identify as "material credit negative" alleged safety violations by the combination utility as part of its role in wildfires in Northern California over the past two years. If the alleged violations are found to be true, Moody's said it would be a sign of "systemic weakness" in PG&E's corporate governance and oversight policies. Moody's noted that a new investigation by the California Public Utilities Commission comes at a time when PG&E is facing significant liabilities from the multiple wildfires of recent years. PG&E spokesman Matt Nauman said Moody's report "reinforces that more work remains" to better prevent and deal with wildfires and other climate change impacts.