The 'BBB-' corporate credit rating (CCR) for Rosemead, Calif.-based utility holding company Edison International reflects the consolidated credit quality of Edison's family of companies. Edison International's consolidated debt outstanding totaled $10.5 billion as of Sept. 30, 2008. These companies consist of: Regulated electric utility Southern California Edison Co. (BBB+/Stable), which provides about 75% of consolidated funds from operations (FFO) and 55% of consolidated debt outstanding; Edison Mission Energy (EME; BB-/Negative/--), which operates merchant coal, gas, and wind assets and contributes about 22% of FFO and 44% of debt. (In turn, EME owns Edison Mission Marketing and Trading [BB-/Negative/--], a power marketing and trading subsidiary); and Edison Capital, which invests in energy and infrastructure projects worldwide that primarily consist of leveraged
