Fitch Cuts Pacific Gas and Electric, So Cal Edison Ratings.Business Editors NEW YORK--(BUSINESS WIRE)--April 6, 2001 Fitch has lowered its ratings for Pacific Gas and Electric Company
The Pacific Gas and Electric Company (PG&E) , (NYSE: PCG), is the utility that provides natural gas and electricity to most of Northern California. (Pac Gas) senior secured and preferred securities into the default category based on the utility's voluntary filing today of a petition under Chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
Fitch also believes that Pac Gas' bankruptcy filing could complicate Southern California Edison's (So Cal Ed) likelihood of accomplishing a sale of its transmission assets to the State of California. Consequently, Fitch has lowered So Cal Ed's senior secured debt rating and changed the Ratings Watch to Negative from Evolving. The Ratings Watch status of Edison International, the parent of So Cal Ed, is also changed to Negative from Evolving. The new ratings are: Pacific Gas and Electric Company First Mortgage Bonds to `DDD' from `B-`; Preferred Securities to `D' from `C'; Commercial Paper `D' Unchanged; Rating Watch Not applicable Negative. Fitch does not rate the securities of PG&E Corp. Southern California Edison Southern California Edison (or SCE Corp), the largest subsidiary of Edison International (NYSE: EIX), is the primary electricity supply company for much of Southern California. It provides 11 million people with electricity. Company Senior Secured Debt to `CCC' from `B-`; Senior Unsecured Debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. `CC' unchanged; Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. `C' unchanged; Commercial Paper `D' unchanged; Changed to Rating Watch Negative from Rating Watch Evolving. Edison International Senior Unsecured Notes `CC' unchanged; Trust Preferred Securities `C' unchanged; Commercial Paper `D' unchanged; To Rating Watch Negative from Rating Watch Evolving. Pacific Gas and Electric Company is a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of PG&E Corp., and is based in San Francisco, CA. Southern California Edison is a wholly owned subsidiary of Edison International, and is based in Rosemead, California. |
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