The debt-free status at the parent benefits consolidated financial metrics; Edison International (Edison) retired all of its standalone, third-party debt with cash on hand in late 2004; at the same time, consolidated debt levels are expected to increase in the coming years if SCE executes on its proposed $17.6 billion capital program; Edison Mission Energy's (EME) April 2007 $2.7 billion refinancing simplified and enhanced the capital structure of these operations by extending debt maturities beyond 2017; all non-project debt is consolidated at EME, rather than at the intermediate holding company Mission Energy Holdings Co. (MEHC); A continued favorable and supportive regulatory environment for Southern California Edison (SCE) as evidenced by the outcome in the company's 2006 general rate case (GRC),
