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Action items: Rating agencies cut PG&E Corp., utility on bankruptcy notice


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Action items: Rating agencies cut PG&E Corp., utility on bankruptcy notice

Jan. 14

* PG&E Corp. and utility Pacific Gas and Electric Co. saw their credit ratings cut by all three major rating agencies after announcing plans to seek Chapter 11 bankruptcy protection related to billions of dollars of potential liabilities from devastating 2017 and 2018 wildfires in Northern California.

Jan. 11

* S&P Global Ratings brought its ratings on QEP Resources Inc. down a notch and may further lower its ratings on the Denver-based driller following the company's $735 million sale of Haynesville and Cotton Valley assets.

Jan. 10

* S&P Global Ratings' two-notch ratings downgrade into junk status of Warren Buffett's 550-MW Topaz Solar Farm, which supplies power to Pacific Gas and Electric, is one of the first visible knock-on effects of the utility's financial problems.

* Moody's downgraded PG&E Corp. and utility subsidiary Pacific Gas and Electric Co.'s credit ratings to junk status, citing mounting liabilities from recent California wildfires.

Jan. 9

* S&P Global Ratings is considering a downgrade to its rating on Ruby Pipeline LLC after issuing a large credit rating cut to its largest anchor shipper, PG&E Corp.

Jan. 4

* Fitch Ratings assigned a first-time long-term issuer default rating of BBB+ and a senior unsecured debt instrument rating of A- to Montana-Dakota Utilities Co., following the completion of MDU Resources Group Inc.'s holding company reorganization.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.