PG&E Raised to Investment Grade Six Years After Bankruptcy
A PG&E truck during the Oak Fire in Mariposa County, California.
Photographer: David Odisho/BloombergPG&E Corp., which filed for bankruptcy in 2019 following devastating blazes, was upgraded to investment grade by Fitch Ratings after the California legislature boosted the size of a fire insurance fund.
The ratings agency attributed the upgrade to the approval of an additional $18 billion into the fund designed to help utilities pay fire damages, as well as PG&E’s progress in “combating wildfire risk.”