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Article: Fitch Places CE Generation LLC On Rating Watch Negative.
- Article from:
- Business Wire
- Article date:
- January 5, 2001
CopyrightCOPYRIGHT 2001 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors & Energy Writers
CHICAGO--(BUSINESS WIRE)--Jan. 5, 2001
Fitch has placed the `BBB' rating of CE Generation LLC's $400 million secured bonds due 2018 on Rating Watch Negative.
This rating action reflects the greatly reduced financial strength and credit quality of California's largest utility companies, Southern California Edison Company (SCE) and Pacific Gas and Electric Company (PGC).
Yesterday, Fitch lowered the ratings of both SCE and PGC to well below investment grade because of their continuing liquidity depletion (refer to Fitch's press release, "Fitch Lwrs So Cal Ed, Pacific Gas & Elec Below Investment Grade," ...