This excerpt taken from the PCG 8-K filed Oct 28, 2005.
Credit Rating Upgrades
On February 16, 2005, S&P announced that it had upgraded the Utilitys corporate credit rating to BBB from BBB-. On March 3, 2005, Moodys announced that it had upgraded the Utilitys issuer credit rating to Baa1 from Baa3 and upgraded its rating on the Utilitys outstanding preferred stock to Baa3 from Ba2. Moodys also assigned a Baa3 issuer rating to PG&E Corporation and a rating of Baa3 to PG&E Corporations $200 million unsecured bank revolving credit facility.
On April 22, 2005, the lien of the mortgage securing the Utilitys First Mortgage Bonds was released after satisfaction of several conditions, and following confirmation from S&P and Moodys that the First Mortgage Bonds (now referred to as Senior Notes) would have unsecured long-term debt ratings of BBB by S&P and Baa1 by Moodys after the lien was released.