Fitch rates Southern California Edison bonds A+

Fitch Ratings said it assigned an A+ and F1 ratings to Southern California Edison Co's $200 million offering of 364-day floating-rate first- and refunding-mortgage bonds (FMB), series 2013B.

Fitch also assigned an A+ rating to the company's $600 million 3.5% FMBs series 2013C due 2023 and $800 million 4.65% FMBs series 2013D due 2043.

The bond offering priced Sept. 25, Fitch said.

The proceeds will be used to redeem outstanding FMBs originally scheduled to mature in 2014 and the remainder to repay commercial paper and for general corporate purposes, Fitch said.

The outlook is stable.

The ratings reflect the company's strong and relatively predictable utility earnings and cash flows, Fitch said.

The ratings also consider a balanced regulatory compact in the state of California, the agency said, and effective execution of the company's large capital expenditure program and timely recovery of related costs in rates.

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