The 'BBB-' corporate credit rating for Rosemead, Calif.-based holding company Edison International (EIX) reflects the consolidated credit quality of EIX's family of companies. EIX's business risk profile is 'strong', and its business profile is 'aggressive'. On April 12, 2010, Standard&Poor's Ratings Services lowered the ratings for Edison Mission Energy (EME) one notch to 'B-' and maintained its negative outlook for merchant energy subsidiary. We revised EME's business profile to 'vulnerable' from 'weak' and its financial profile remains 'highly leveraged'. The lower ratings primarily reflect the impact of the sharp decline in dark spreads in recent months. Natural gas prices have fallen by about one-third since the beginning of 2010, while coal prices have been relatively stable. With EME
