S&P affirms Edison Funding

Standard & Poor's said it affirmed its ratings on Edison Funding Co., including its counterparty credit rating of BB+/B.

The outlook remains negative.

The agency noted that Edison Funding is a wholly owned, unregulated subsidiary of Edison Capital, a subsidiary of Edison Mission Group Inc., which is in turn a wholly owned subsidiary of Edison International (BBB-/stable).

S&P added that the affirmation reflects its belief that although Edison International's recent nonbinding agreement with the Internal Revenue Service to settle outstanding tax liabilities of $1.6 billion will significantly weaken financial performance at Edison Funding, Edison International has the financial capacity and incentive to support liquidity as needed, despite the absence of a formal support agreement.

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