S&P ups Edison Mission outlook to positive, notes to B-

Standard & Poor's said it affirmed the B+ corporate credit ratings on Edison Mission Energy and its wholly owned subsidiary, Edison Mission Marketing and Trading; affirmed the B+ $190 million senior unsecured bonds of Edison Mission Energy Funding Corp.; revised the companies' outlooks to positive from stable and raised parent company Mission Energy Holding Co.'s $800 million senior secured notes to B- from CCC+.

The agency said the ratings on Edison Mission and its direct owner reflect the credit quality of the distributable cash flow from a portfolio of generating assets.

The rating also takes into account the financial risk of double and triple leverage at both companies. As of March 31, 2005, Edison Mission had $3 billion of recourse debt, including a $1.4 billion guarantee of the termination value of the Powerton/Joliet operating leases and Mission Energy Holding currently has $800 million of debt.

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