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 business risk profile is strong, bolstered by the excellent business profile of Southern California Edison (SCE) and constrained by the vulnerable business profile of Edison Mission Energy (EME). Standard&Poor's Ratings Services views the consolidated financial profile of EIX as aggressive. This reflects both the leveraged nature of the consolidated capital structure and the risks that EME's merchant operations impose on EIX. Over the next year, the dominant credit headline for EIX will be EME's refinancing risks. EME could default on $500 million in unsecured debt obligations, due June 2013, unless it is
