NEW YORK (S&P Global Ratings) March 1, 2023--S&P Global Ratings today assigned its 'BB+' issue-level rating to Edison International's proposed fixed-to-fixed reset rate junior subordinated notes due 2053. The company intends to use the net proceeds from these notes to repay commercial paper borrowings and for general corporate purposes. We classify these notes as hybrid securities with intermediate equity content (50%). In line with our criteria, the notes will receive minimal equity content (0%) after 2033 because the remaining period until their effective maturity will be less than 20 years. 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 interest payments on the
