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Dodd sponsored legislation passed this year that lets utilities pass some of the costs related to liability from wildfires on to ratepayers, but the bill did not specifically provide for 2018. GRAPHIC: Fire Fear - tmsnrt.rs/2PyMu9a. Citigroup on Friday upgraded PG&E’s stock to “buy” from “neutral.”. “Given the reaction in the stock market, we think there was an appropriate level of urgency that something needed to be done,” Citigroup analysts wrote, referring to the regulator’s statement.
The price for PG&E’s more than $18 billion of bonds also rose, The price of the March 2034 694308GE1= bond was up about 5 points in afternoon trading after earlier trading as much as 11 points higher, PG&E’s debt was pressured penn state university nittany lions cufflinks earlier this week after the utility borrowed $3.3 billion under its credit lines and warned it could face liabilities in excess of its insurance coverage should its equipment be found to have caused the fire, The gains in bond prices came even after both Moody’s Investors Service and Standard & Poor’s cut their credit ratings on PG&E late Thursday to just one notch above junk bond territory and said the outlook remained negative..
Fitch Ratings on Friday also downgraded the utility’s long-term issuer default ratings. With the collapse in its bond prices this week, most of PG&E’s bonds were trading as though they were already speculative-grade securities, although Friday’s recovery brought many of them back in line with comparably low-investment-grade-rated corporate bonds. PG&E has about $500 million of floating rate notes maturing in two weeks and does not face another maturing security until October 2020.
That October 2020 $800 million bond, with a 3.5 percent coupon 694308GT8=RRPS, yielded more than 10 percent at one point in trading penn state university nittany lions cufflinks on Thursday, the first of PG&E’s securities to have breached that threshold, On Friday, the October 2020 note was up more than 4 points to 95.25 cents on the dollar, with the yield dropping to 6.24 percent, Shares of Edison International (EIX.N), whose Southern California Edison subsidiary provides power in Southern California, jumped 15 percent, While investors view it as at less risk than PG&E to massive liabilities from wildfires, its stock has been volatile over the past week as a second fire burned in that region..
SAN FRANCISCO/LOS ANGELES (Reuters) - PG&E Corp shares soared 40 percent in after-hours trade on Thursday following a report that a regulatory official told investors the agency does not want the utility to go into bankruptcy should it be found responsible for this month’s deadly wildfire in northern California. (Graphic: tmsnrt.rs/2QJvpWH). Bloomberg reported the comment by a California Public Utilities Commission (CPUC) official on a call hosted by Bank of America Corp, citing a person familiar with the matter.
A CPUC spokesman said penn state university nittany lions cufflinks he could not confirm the remarks and Bank of America declined to comment, CPUC issued a statement emphasizing that state law requires it to consider a utility’s financial health when weighing a request to cover costs associated with wildfires, “A utility filing bankruptcy is not in the best interest of consumers, but that decision is not the CPUC’s,” a CPUC spokeswoman told Reuters, Late on Thursday, Moody’s cut parent PG&E’s credit rating to one notch above junk, although many of the company’s bonds were already trading at non-investment grade levels earlier in the day..
S&P Global Ratings, citing rising risks that the company may face from the wildfire, also lowered its rating on PG&E by one notch to BBB-minus. It placed the company on CreditWatch with negative implications, saying the risks increase the probability of another downgrade over the next few months. Investors are watching for clues about whether California’s government will step in to save PG&E should it eventually be found responsible for the Camp Fire, which destroyed the town of Paradise a week ago, and should any potential liability exceeds the utility’s resources.
“The CPUC is mindful that in order for a utility to operate safely, it must have the financial means to function and implement new safety measures,” the commission said in the statement, The after-hours surge in PG&E’s stock more than erased a 31 percent drop during Thursday’s regular trading session, PG&E warned on Tuesday that it could face liability that exceeds its insurance coverage if its equipment caused the Camp Fire, PG&E currently has no plans to file for bankruptcy, people close to the penn state university nittany lions cufflinks company said on Thursday..