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PG&E CEO Poppe Foresees No Credit Upgrades Until Wildfire Season Concludes

Despite receiving an upgrade from one of the leading rating agencies last month, PG&E Corporation, California’s largest utility provider, anticipates that additional credit upgrades will not occur until the wildfire season comes to a close. CEO Patricia Poppe expressed concerns regarding the ongoing risks associated with wildfires, which could impact the company’s financial standing and credit ratings.

The recent upgrade from a major ratings firm reflects a cautious optimism about PG&E’s recovery and operational improvements. However, Poppe emphasized that the volatile nature of California’s wildfire season poses significant challenges. Until the season ends, the utility company believes that further upgrades from other credit agencies are unlikely.

PG&E has faced numerous challenges in recent years, particularly related to its role in wildfires. The company has implemented various safety measures and operational changes aimed at reducing fire risks. Nevertheless, the unpredictability of wildfires continues to influence investor sentiment and credit evaluations.

As the wildfire season progresses, PG&E remains focused on enhancing its safety protocols and mitigating risks to ensure the reliability of its services. Stakeholders are advised to stay informed about the company’s developments as it navigates these challenges.

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Source: Original