TEXT - Fitch cuts Edison Mission Energy to 'D'
Dec 21 - Fitch Ratings has downgraded Edison Mission Energy (EME) and Midwest Generation LLC's (MWG) long-term Issuer Default Ratings (IDR) to 'D' from 'C'. The rating action reflects the Dec. 17, 2012 filing by EME and 16 of its subsidiaries for protection under Chapter 11 of the United States Bankruptcy Code. Fitch has also affirmed EME's senior unsecured debt and Recovery Ratings at 'C' and 'RR5', respectively. Approximately $3.7 billion of long-term, senior unsecured debt is affected by the rating action. EME is a wholly-owned subsidiary of Edison International (EIX; IDR 'BBB'; Outlook Stable). The ratings of EIX and its core operating utility subsidiary, Southern California Edison (SCE), are not affected by the rating action. EIX has managed EME on a stand-alone basis. Fitch does not expect any direct financial exposure to result from the anticipated EME bankruptcy. Similarly, SCE operations are separate from EIX and EME consistent with prevailing California Public Utilities Commission regulations. 'C' is the lowest rating assigned to debt instruments in Fitch's rating scale. The 'RR5' Recovery Rating is based on a recovery level of approximately 11% to 30% of principal claims by senior unsecured creditors. For further information, please see the Fitch Wire report dated Dec. 18, 2012.
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