Moody's ups SoCal Edison to investment grade

Moody's Investors Service said it upgraded the ratings of Southern California Edison Co., including the senior unsecured debt to Baa3 from Ba3, and its parent company Edison International (senior unsecured to Ba2 from B3).

Moody's also upgraded EIX subsidiary Edison Funding Co. (senior unsecured to Ba1 from B2).

The outlook for all three companies is stable.

The rating action for the utility reflects the full collection by Southern California Edison of $3.6 billion in procurement-related obligations and the California Public Utilities Commission decision in September that recognized the appropriateness of the collected amounts and the strong historical and projected financial credit metrics that reflect the collection of procurement-related obligations and the underlying financial strength of the utility's core utility business.

Among the ratings upgraded and removed from review are Southern California Edison's first mortgage bonds, secured revolving credit, and secured term loan B to Baa2 from Ba2; the company's senior unsecured debt and issuer rating to Baa3 from Ba3; and the company's junior subordinated debt rated to Ba1 from B2.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.