Reported about 22 hours ago
Pimco has raised alarms about the Los Angeles Department of Water and Power (LADWP) facing substantial financial liabilities due to its handling of the recent Palisades Fire, which has devastated Southern California. With legal insights suggesting potential inverse condemnation claims, the utility may be held accountable for inadequate water supplies to firefighting efforts. As the fires continue to wreak havoc, resulting in over $4 billion in property damage, LADWP's financial integrity could be jeopardized despite its current stability, prompting concerns about its credit rating as well.
Source: YAHOO