San Francisco-based Pacific Gas and Electric Co. (PG&E) faces potential liabilities from 2017 wildfires in Northern California, with three major credit ratings agencies downgrading the combination utility. Moody’s Investors Service downgraded PG&E to “credit negative,” noting a recent report by the California Department of Forestry and Fire Protection that alleges the utility may have violated state laws in eight of 12 fires. “We’re watching closely to see what happens next,” a Moody’s spokesperson told NGI. A Fitch Ratings analyst said the firm would be “assessing the latest information on the wildfires issue.” Fitch in February cut the ratings to “BBB+” from “A-1” and placed the company on “credit watch negative.” S&P Global Ratings also downgraded its rating to “BBB.”
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