December 19, 2012 / 4:45 PM / 5 years ago

TEXT - S&P says Edison International rtgs unaffected by unit bankruptcy

Dec 19 - Standard & Poor’s Ratings Services today said that the bankruptcy filing of Edison International’s (EIX; BBB-/Stable/—) merchant energy subsidiary Edison Mission Energy (EME; D/—/—) does not immediately affect the ratings or outlook on EIX or its utility subsidiary Southern California Edison (SCE; BBB+/Stable/A-2). EME has filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code, and the plan of reorganization proposed by the company and supported by a majority of its noteholders would, if approved, result in EIX’s ownership in EME being transferred to creditors with limited financial involvement by EIX. While the credit profile of EIX would eventually benefit from the absence of the riskier EME operations, no ratings actions are contemplated until the bankruptcy proceeding unfolds and we are satisfied that the EME transition will be orderly and have no adverse effect on EIX or SCE.

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