The 'BBB-' corporate credit rating for Rosemead, Calif.-based utility holding company Edison International (EIX) reflects the consolidated credit quality of EIX's family of companies. EIX's consolidated debt outstanding totaled $11 billion as of March 31, 2010. These companies consist of: Regulated electric utility Southern California Edison Co. (SCE; 'BBB+/Stable/A-2'), which represents approximately 75% of consolidated earnings; Edison Mission Energy (EME; 'B/Negative/--'), which operates merchant coal, gas, and wind assets, and represents about 25% of the consolidated earnings (in turn, EME owns Edison Mission Marketing and Trading, a power marketing and trading subsidiary); and Edison Capital, which holds minimal investments in power- and aircraft-related leases following the termination of its cross-border leases in 2009, and which is being wound down. In
