Moody's boosts Edison Mission

Moody's Investors Service said it upgraded Edison Mission Energy Funding Corp.'s (EME Funding) 7.33% guaranteed senior secured notes due 2008 to Ba1 from Ba2.

The outlook is stable.

Moody's said the upgrade reflects EME Funding's strong debt service coverage ratios, as well as improvements in the credit quality of both Southern California Edison Co. (Baa1 senior unsecured, stable outlook), which is the principal off-taker for EME Funding's power output and Edison Mission Energy (B1 senior unsecured, stable outlook), which is the owner and operator.

The upgrade also recognizes that there is market demand for the output of the four underlying cogeneration projects, which provide steam to major oil companies, principally for enhanced oil recovery operations and electricity, the agency added.

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