Edison International And Subsidiary Southern California Edison Downgraded To 'BBB'; Ratings Placed On Watch Negative

S&P Global Ratings is reexamining its assessment of California's regulatory construct for electric utilities. We lowered our issuer credit rating on Edison International and its subsidiary Southern California Edison Co. (SCE) to 'BBB' from 'BBB+'. At the same time, we lowered our issue-level rating on Edison's unsecured debt to 'BBB-' from 'BBB', our issue-level rating on SCE's unsecured debt to 'BBB' from 'BBB+', our issue-level rating on SCE's secured debt to 'A-' from 'A', and our rating on SCE's preferred stock to 'BB+' from 'BBB-' and placed all of our ratings on the companies on CreditWatch with negative implications. The CreditWatch negative placement reflects the increased likelihood that Edison will continue to experience catastrophic wildfires because of climate change and

...+ S&P Global Ratings is reexamining its assessment of California's regulatory construct for electric utilities. + We lowered our issuer credit rating on Edison International and its subsidiary Southern California Edison Co. (SCE) to '###' from '###+'. + At the same time, we lowered our issue-level rating on Edison's unsecured debt to '###-' from '###', our issue-level rating on SCE's unsecured debt to '###' from '###+', our issue-level rating on SCE's secured debt to 'A-' from 'A', and our rating on SCE's preferred stock to '##+' from '###-' and placed all of our ratings on the companies on CreditWatch with negative implications. + The CreditWatch negative placement reflects the increased likelihood that Edison will continue to experience catastrophic wildfires because of climate change and without sufficient regulatory protections due to California's common law application of the legal doctrine of inverse condemnation. We could lower our ratings on the company by one or more notches if...

Ratings Action