When S&P Global Ratings decided to slash its rating of California-based utility PG&E by five notches at the beginning of this year it provided another painful reminder of just how fast corporates can move from investment grade to fallen angel to, in this case, failing angel.
The company announced its intention to file for Chapter 11 bankruptcy protection just days later on January 14.
PG&E, which has $18 billion of bonds outstanding and has been hit by a wave of wildfire liabilities that could reach $30 billion, previously filed for Chapter 11 in 2001.
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