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Ratings On Six LOC-Supported Bond Issues Placed On CreditWatch Negative

          NEW YORK (S&P Global Ratings) Jan. 17, 2018--S&P Global Ratings today placed its 'AA/A-1+' ratings on six bond issues supported by letters of credit (LOC) on CreditWatch with negative implications (see list). 
          Today's rating action reflects the Dec. 22, 2017, placement of our 'A-/A-2' issuer credit rating on Pacific Gas & Electric Co. on CreditWatch with negative implications. 
          The long- and short-term components of our ratings on California Pollution Control Finance Authority's series 1996C, 1996E, 1996F, and 1997B, and on California Infrastructure and Economic Development Banks' series 2009A and 2009B bonds are based on our long- and short-term ratings on, as well as the joint support provided by, Pacific Gas & Electricity Co., the obligor, and various LOC providers, assuming a low correlation level between the LOC providers and obligor.
          The following entities serve as LOC providers for these bonds:
          - Mizuho Bank Ltd. ('A/A-1') for the series 1996C bonds;
          - Sumitomo Mitsui Banking Corp. ('A/A-1') for the series 1996E;
          - TD Bank N.A. ('AA-/A-1+') for the series 1996F bonds;
          - Canadian Imperial Bank of Commerce ('A+/A-1') for the series 1997B bonds; and
          - MUFG Union Bank N.A. ('A/A-1') for the series 2009A and 2009B Bonds.

          The long-term components of our ratings address our expectation of full and timely payments of interest and principal when the bondholders have not exercised the put option. The short-term components of our ratings address our expectation of full and timely payments of interest and principal when the bondholders have exercised the put option. 
          Changes to our rating on these bonds can result from, among other things, changes to our ratings on the support providers, changes to our correlation assumptions, expiration or termination of the LOCs, or amendments to the transactions' terms. 
          We will maintain our ratings on the bonds as long as they are in the rated modes and the LOCs have not expired or otherwise terminated. If either of these conditions change, we will likely withdraw our ratings.