Moody's ups Mission Energy, unit

Moody's Investors Service upgraded the ratings of Mission Energy Holding Co. (senior secured to B3 from Caa2) and the ratings of subsidiary Edison Mission Energy (senior unsecured to B1 from B2).

More specifically, Moody's upgraded Mission Energy Holding Co.'s senior secured bonds and senior secured bank credit facility to B3 from Caa2, Edison Mission Energy's senior unsecured debt and senior implied rating to B1 from B2, Midwest Generation LLC's pass-through certificates, guaranteed by Edison Mission Energy, to B1 from B2, and Mission Capital LP's monthly income preferred securities to B3 from Caa1.

The outlook for Mission Energy Holding, Edison Mission Energy, and all of its rated subsidiaries is positive.

Moody's said the rating action follows the announcement by Edison Mission Energy that it has agreed to sell its remaining 5,381 megawatt international power generation portfolio, known as the BV, to a joint venture owned by International Power plc (70%) and Mitsui & Co. Ltd. (30%), for net proceeds of about $2.3 billion.

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