The rating on Rosemead, Calif-based holding company Edison International reflects the company's strategic shift, whereby management has revised the company's objectives to facilitate the pursuit of growth opportunities available to the unregulated members of the Edison family of companies and to benefit shareholders. The first evidence of the implementation of this strategic shift can be found in Edison Capital's April 2006 contribution to Mission Energy Holding Co. of its ownership interests in wind projects and a biomass project with an aggregate book value of about $76 million. Because management is now receptive to the flow of capital from Edison International and Edison Capital to Edison Mission Energy, Standard&Poor's views the credit quality of Edison International as more closely
