The 'BBB-' corporate credit rating on Rosemead, Calif.-based utility holding company Edison International (EIX) reflects the consolidated credit quality of EIX's family of companies: Southern California Edison (SCE; BBB+/Stable/A-2), a regulated electric utility that represents approximately 75% of consolidated earnings; Edison Mission Energy (EME; B-/Negative/--), which operates merchant assets and represents about 25% of the consolidated earnings; and Edison Capital (unrated), which holds minimal investments in power and aircraft-related leases and which is being wound down. EIX's consolidated debt as of Sept. 30, 2010, totaled $12.26 billion, which includes $400 million of 3.75% senior notes that EIX issued in September 2010. EIX's consolidated business risk profile is "strong," bolstered by the "excellent" business profile of SCE's regulated business and constrained
