S&P Global Ratings assesses PG&E Recovery Funding LLC's Proposed $1.4 Billion Senior Secured Recovery Bonds Series 2024-A as Medium green, indicating activities that represent significant steps toward a low-carbon climate resilient future but will require further improvements to be long-term low-carbon climate resilient solutions. PG&E Corp. is is a holding company with its primary operating subsidiary Pacific Gas and Electric Co. (the utility), which is a public utility operating in Northern and Central California. The utility is one of the largest electric energy and natural gas utilities in the U.S. It serves 5.5 million electricity distribution and 4.5 million natural gas distribution customers, including residential, commercial, industrial, and agricultural customers.