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Fitch downgrades Berkshire, NextEra solar farms as PG&E credit tumbles

Published 11/21/2018, 12:30 PM
© Reuters.  Fitch downgrades Berkshire, NextEra solar farms as PG&E credit tumbles
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  • PG&E’s (PCG +3.9%) pain is spreading to some of the power plants to whom it sells electricity, as Fitch Ratings downgrades the debt of two solar farms in California on concern about the utility's finances.
  • PG&E, which was downgraded last week, is the sole electricity customer for Berkshire Hathaway (NYSE:BRKa) Energy's (BRK.A, BRK.B) 550 MW Topaz Solar Farms and NextEra Energy's (NYSE:NEE) 250 MW Genesis Solar.
  • Fitch now rates the $958M outstanding on Topaz’s senior secured notes and the $140M in Genesis’s series B trust certificates at BBB-, just above junk, down from BBB; the ratings agency downgrades Topaz in September, also because of a downgrade to PG&E.
  • Now read: PG&E Corporation Is Undervalued, And Institutional Investors Own 84% Stake


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