Edison International's Fixed-Rate Reset Cumulative Perpetual Preferred Stock Series B Rated 'BB+' - S&P Global Ratings’ Credit Research

Edison International's Fixed-Rate Reset Cumulative Perpetual Preferred Stock Series B Rated 'BB+'

Edison International's Fixed-Rate Reset Cumulative Perpetual Preferred Stock Series B Rated 'BB+' - S&P Global Ratings’ Credit Research
Edison International's Fixed-Rate Reset Cumulative Perpetual Preferred Stock Series B Rated 'BB+'
Published Nov 04, 2021
3 pages (1393 words) — Published Nov 04, 2021
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

NEW YORK (S&P Global Ratings) Nov. 4, 2021--S&P Global Ratings today assigned its 'BB+' issue-level rating to Edison International's fixed-rate reset cumulative perpetual preferred stock Series B. The company intends to use the net proceeds from this issuance either to repay its outstanding commercial paper borrowings or for general corporate purposes. We rate the securities two notches below our 'BBB' long-term issuer credit rating on Edison International to reflect their subordination and the company's ability to defer dividends on the instruments, as defined in our criteria for hybrid securities. The dividend payments are deferrable, which fulfills the deferability element. The instruments are also subordinated to all of Edison International's existing and future senior debt obligations, thereby satisfying the condition for

  
Brief Excerpt:

...- General Criteria: Environmental, Social, And Governance Principles In Credit Ratings, Oct. 10, 2021 - General Criteria: Group Rating Methodology, July 1, 2019 - General Criteria: Hybrid Capital: Methodology And Assumptions, July 1, 2019 - Criteria | Corporates | General: Corporate Methodology: Ratios And Adjustments, April 1, 2019 - Criteria | Corporates | General: Reflecting Subordination Risk In Corporate Issue Ratings, March 28, 2018 - General Criteria: Methodology For Linking Long-Term And Short-Term Ratings, April 7, 2017 - Criteria | Corporates | General: Methodology And Assumptions: Liquidity Descriptors For Global Corporate Issuers, Dec. 16, 2014...

  
Report Type:

Ratings Action

Ticker
EIX
Issuer
Edison International
GICS
Electric Utilities (55101010)
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Edison International's Fixed-Rate Reset Cumulative Perpetual Preferred Stock Series B Rated 'BB+'" Nov 04, 2021. Alacra Store. May 03, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Edison-International-s-Fixed-Rate-Reset-Cumulative-Perpetual-Preferred-Stock-Series-B-Rated-BB-2750394>
  
APA:
S&P Global Ratings’ Credit Research. (). Edison International's Fixed-Rate Reset Cumulative Perpetual Preferred Stock Series B Rated 'BB+' Nov 04, 2021. New York, NY: Alacra Store. Retrieved May 03, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Edison-International-s-Fixed-Rate-Reset-Cumulative-Perpetual-Preferred-Stock-Series-B-Rated-BB-2750394>
  
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