By Oregon Small Business Association Foundation,
PacifiCorp, Oregon’s most embattled utility that provides a quarter of the state’s electricity, has seen its investment grade downgraded to BBB-, the lowest rating on the S&P 500, in large part because of damages it faces in class-action lawsuits stemming from 2020 Labor Day wildfires. Part of Berkshire Hathaway Energy. The utility warned that lawsuits and other financial challenges threaten its liquidity. Its future depends on support from Warren Buffet’s conglomerate, Berkshire Hathaway. The S&P describes PacifiCorp as strategically important to Berkshire Hathaway Energy, which boosts its rating. One Multnomah County case ordered the utility to pay more than $5 million to each of a lawsuit’s 109 plaintiffs.
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