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Rating Action:

Moody's places Edison and Southern California Edison under review for downgrade

24 Jan 2019

Approximately $16 billion of debt affected

New York, January 24, 2019 -- Moody's Investors Service ("Moody's") today placed the ratings of Edison International (Edison, Baa1) and the long-term ratings of Southern California Edison Company (SCE, A3) under review for downgrade. SCE's Prime-2 short-term rating for commercial paper is affirmed.

On Review for Downgrade:

..Issuer: Edison International

.... Issuer Rating, Placed on Review for Downgrade, currently Baa1

.... Senior Unsecured Bank Credit Facility, Placed on Review for Downgrade, currently Baa1

.... Commercial Paper, Placed on Review for Downgrade, currently P-2

.... Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently Baa1

.... Senior Unsecured Shelf, Placed on Review for Downgrade, currently (P)Baa1

..Issuer: Southern California Edison Company

.... Issuer Rating, Placed on Review for Downgrade, currently A3

.... Senior Secured Shelf, Placed on Review for Downgrade, currently (P)A1

.... Senior Unsecured Shelf, Placed on Review for Downgrade, currently (P)A3

.... Pref. Shelf, Placed on Review for Downgrade, currently (P)Baa2

.... Pref. Stock, Placed on Review for Downgrade, currently Baa2

.... Senior Secured First Mortgage Bonds, Placed on Review for Downgrade, currently A1

.... Underlying Senior Secured First Mortgage Bonds, Placed on Review for Downgrade, currently A1

.... Senior Unsecured Bank Credit Facility, Placed on Review for Downgrade, currently A3

.... Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A3

..Issuer: California Statewide Communities Dev. Auth.

.... Senior Secured Revenue Bonds, Placed on Review for Downgrade, currently A1

.... Underlying Senior Secured Revenue Bonds, Placed on Review for Downgrade, currently A1

..Issuer: Farmington (City of) NM

.... Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

.... Underlying Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

.... Senior Secured Revenue Bonds, Placed on Review for Downgrade, currently A1

..Issuer: California Pollution Control Financing Auth.

.... Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

.... Underlying Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: Maricopa (County of) AZ, Poll. Ctrl. Corp.

.... Senior Secured Revenue Bonds, Placed on Review for Downgrade, currently A1

..Issuer: CLARK (COUNTY OF) NV

.... Senior Secured Revenue Bonds, Placed on Review for Downgrade, currently A1

.... Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: SCE Trust II

.... Pref. Stock, Placed on Review for Downgrade, currently Baa2

..Issuer: SCE Trust III

.... Pref. Stock, Placed on Review for Downgrade, currently Baa2

..Issuer: SCE Trust IV

.... Pref. Stock, Placed on Review for Downgrade, currently Baa2

..Issuer: SCE TRUST V

.... Pref. Stock, Placed on Review for Downgrade, currently Baa2

..Issuer: SCE Trust VI

.... Pref. Stock, Placed on Review for Downgrade, currently Baa2

Affirmations:

..Issuer: Southern California Edison Company

....Commercial Paper, Affirmed P-2

Outlook Actions:

..Issuer: Edison International

....Outlook, Changed To Rating Under Review From Negative

..Issuer: Southern California Edison Company

....Outlook, Changed To Rating Under Review From Negative

..Issuer: SCE Trust II

....Outlook, Changed To Rating Under Review From Negative

..Issuer: SCE Trust III

....Outlook, Changed To Rating Under Review From Negative

..Issuer: SCE Trust IV

....Outlook, Changed To Rating Under Review From Negative

..Issuer: SCE TRUST V

....Outlook, Changed To Rating Under Review From Negative

..Issuer: SCE Trust VI

....Outlook, Changed To Rating Under Review From Negative

RATINGS RATIONALE

"We are reevaluating the risks associated with the magnitude of exposure and liabilities related to wildfires affecting investor-owned utilities in California." said Toby Shea, VP -- Senior Credit Officer "With climate change exacerbating the financial and economic damages associated with these wildfires, and regulatory and legislative efforts to address inverse condemnation still evolving, uncertainties at Edison and SCE have increased."

Our review will focus on the regulatory, legislative and political environment in California and the progress being made to mitigate or eliminate the impact of California's inverse condemnation legal doctrine that holds investor owned electric utilities to a strict liability standard when their equipment is the approximate cause of a wildfire, regardless of fault. The review will also consider the California Public Utility Commission's (CPUC) prudency review process for passing on wildfire costs to ratepayers and the likelihood that the CPUC will allow utilities to recover costs associated with both past and future wildfires.

The review will consider the extent of past wildfire liabilities affecting SCE, the amount of insurance coverage being maintained by the organization, the company's service territory characteristics and wildfire management program, and the financial and liquidity profile of the companies in the face of these challenges.

Company Profile

Headquartered in Rosemead, Edison is a California based electric utility holding company with its principal subsidiary SCE supplying electric energy to 5 million customers in central, coastal and southern California. SCE is predominantly a transmission and distribution company. SCE's earnings are regulated by California Public Utility Commission and the Federal Energy Regulatory Commission.

The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in June 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Toby Shea
VP - Senior Credit Officer
Infrastructure Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Michael G. Haggarty
Associate Managing Director
Infrastructure Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Charter Documents - Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​

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