Moody's ups Edison Mission Ba2, may up further

Moody's Investors Service said it upgraded the senior secured debt of Edison Mission Energy Funding Corp. to Ba2 from Ba3 and placed the rating under review for possible further upgrade.

Moody's said the upgrade and continuing review reflect the improved creditworthiness of the contractual off-taker Southern California Edison and the much stronger liquidity position of Edison Mission Funding's parent company Edison Mission Energy following the completion of Edison Mission Energy's sale of its international assets.

The rating action also considers the importance of these qualifying facility generating plants to the electricity supply for California, which is a tighter market than most other U.S. regions, as well as predictability of contractually derived cash flow over the term of the financing, Moody's said.

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