Fitch gives Southern California bonds BBB+

Fitch Ratings said it gave a BBB+ rating to Southern California Edison Co.'s first and refunding mortgage bonds and upgraded the outlook to positive from stable.

The rating is the same as Fitch’s ratings on SCE’s other senior secured debt.

SCE will use the proceeds to fund the wildfire claims payment above the expected insurance proceeds. SCE will also use proceeds to repay commercial paper and for general corporate purposes.

The positive outlook is due to a meaningful decline in utility-linked wildfires in SCE's service territory post-2018 and forecasts for improving leverage.

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