...+ Firebaugh, Calif.-based electric power generator Panoche Energy Center LLC (PEC) sells all of its output to utility Pacific Gas & Electric Co. (PG&E) under a long-term power purchase agreement (PPA). + We lowered the ratings on PG&E on Jan. 14, 2019 to '##' from 'B' following PG&E's 13 8-K filing stating that it expects to file for bankruptcy on or about January 29. It was downgraded further to 'D' on Jan. 16, 2019 following a missed interest payment. + We lowered our rating on PEC by two notches to '###+' from 'B' to reflect the PG&E downgrade. We do not know whether the PEC contract will be readily assumed by another buyer and we do not know if the contract will remain intact, subjected to renegotiation, or rejected if PG&E files for bankruptcy. As a result, the rating on PEC remains under pressure from the deterioration of PG&E's credit profile. + The rating on the PEC bonds is higher than our rating on PG&E because we view the risk of default on the PPA and ultimately the project-level...
