January 16, 2019 / 11:53 PM / 6 months ago

S&P cuts rating on PG&E unit

Jan 16 (Reuters) - S&P cut its rating on PG&E Corp's Pacific Gas & Electric Co unit on Wednesday, making it the third such cut this month as PG&E prepares for bankruptcy.

The credit rating agency downgraded the company's rating to to 'D' from 'CC' after it failed to make $21.6 million interest payment due Tuesday on its 2040 senior notes. (Reporting by Aakash Jagadeesh Babu in Bengaluru; Editing by Tom Brown)

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