Fitch rates Southern California Edison bonds BBB+

Fitch Ratings said it assigned Southern California Edison's first and refunding mortgage bonds series 2020 B, due 2030 a BBB+ rating and rated the re-opened 3.65% first and refunding mortgage bonds, series 2020A, due 2050 BBB+. Southern California Edison's issuer default rating is BBB and the outlook is stable.

Assembly Bill (AB) 1054 was signed into law July 2019 and is part of a broad effort underway across California to address root causes and minimize the destructive force and frequency of catastrophic wildfires.

“In Fitch's opinion, enactment of AB 1054 and creation of a $21 billion wildfire insurance fund under the law is a credit positive. The magnitude of the fund is further enhanced by a 40% limitation of subrogation claims under the law,” the agency said in a press release.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.