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PG&E Shares Fall After S&P Cuts Credit Rating

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PG&E Shares Fall After S&P Cuts Credit Rating

PG&E Shares Fall After S&P Cuts Credit Rating

According to Reuters, PG&E Corp’s shares fell 14 percent on Tuesday, after S&P Global stripped the California power company of its investment-grade credit rating in the face of massive claims stemming from deadly wildfires.

On Monday, PG&E shares dived more than 22 percent and its largest bond, a $3 billion note due in March 2034 with a coupon of 6.05 percent, fell to a record-low bid price of 91.5 cents on the dollar, while its yield rose to nearly 7 percent.

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PG&E Shares Fall After S&P Cuts Credit Rating

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