PG&E falls further after S&P cuts credit rating to junk


#TIA – Financial aftermath of all those west coast wild fires on PG&E credit ratings. 

PG&E Corp’s shares fell 14 percent on Tuesday, after S&P Global stripped the California power company of its investment-grade credit rating in the face of massive claims stemming from deadly wildfires.

S&P cut the rating on PG&E and its Pacific Power & Gas Co unit on Monday to “B” from “BBB-,” the lowest tier of so-called investment-grade ratings, citing political and regulatory pressure and uncertainty over its potential liabilities.

Read more at Reuters