S&P cuts Edison Mission outlook to stable

Standard & Poor's said it revised its outlook on Edison Mission Energy, Edison Mission Marketing and Trading, Edison Mission Energy Funding Corp. and Midwest Generation LLC to stable from positive.

Each company's BB- long-term rating was affirmed as was the B rating assigned to the debt of Mission Energy Holding Co., the agency said, noting that the BB rating and stable outlook on the Homer City Funding LLC debt are not affected by these outlook revisions because Homer City's credit quality is not directly tied to the ratings of its parent and affiliates.

S&P said that the ratings continue to reflect the credit quality of the distributable cash flow from a portfolio of generating assets, noting that the ratings also take into account the financial risk of double and triple leverage at Edison Mission Energy.

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