Bloomberg S&P Global Ratings cut the credit rating of Berkshire Hathaway Energy’s 550-megawatt Topaz Solar Farms to junk, noting that the plant counts on embattled utility giant PG&E Corp for all of its revenue. S&P lowered ratings on Topaz Solar by five notches to ‘B’ from ‘BBB-’ and maintained the ratings on CreditWatch, meaning it may make further cuts. In …

Bloomberg Citigroup Inc offered some hope that the worst is over for its bond-trading business after the toughest quarter for that unit in seven years. The lender’s shares jumped almost 4 percent, the most in the S&P 500 Index, after Chief Financial Officer John Gerspach said the trading environment was starting to improve this month. The brighter outlook came after …

Bloomberg Big investment banks scored a victory in their campaign to soften global rules, as regulators reduced the capital hit from new trading-book standards by nearly half. The Basel Committee on Banking Supervision said its final market-risk standards will drive up banks’ trading-book capital requirements by a weighted average of about 22 percent from current levels. That’s down from the …