Ringo H.W. Chiu/AP
- PG&E's credit rating was cut to junk at S&P Global Ratings, sending shares down more than 10% early Tuesday.
- The downgrade came as bad news has piled up for PG&E amid its potential liabilities from last year's California wildfires, the credit-rating agency said.
- On Friday, the utility announced that its board of directors would review the company's management. Meanwhile, a report said PG&E was considering filing for bankruptcy protection.
- Watch PG&E trade live.
PG&E, California's biggest utility provider, plunged more than 11% early Tuesday after the credit-rating agency Standard and Poor's downgraded the utility to junk amid its potential liabilities from last year's California wildfires.
S&P Global Ratings lowered PG&E's credit rating to "B," which is two notches below the investment grade threshold. "We expect that negative public sentiment and the increased political pressure will challenge the regulators' willingness and ability to implement measures to protect credit quality over the near term," S&P said.
See the rest of the story at Business Insider
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from Business Insider https://read.bi/2CZ21HD
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