Energy holding company Edison International's (EIX) business risk profile is "strong" based on its ownership of electric utility Southern California Edison Co. (SCE; BBB+/Stable/A-2) and its involvement with Edison Mission Energy (EME; D/--/--), which is currently operating under the protection from its creditors of the U.S. Bankruptcy Code. EIX's financial risk profile is "aggressive." SCE's credit profile is the mainstay of the EIX rating, despite the regulatory insulation that limits the parent's access to the full financial resources of its utility subsidiary. SCE is a large, regulated electric utility with integrated assets (generation, transmission, and distribution) in Southern California, centered in the populous and relatively prosperous metropolitan Los Angeles area. It does not serve the city itself. SCE owns only
