Fitch: Southern California Edison preferreds BBB+

Fitch Ratings said it assigned a BBB+ rating to Southern California Edison Co.’s SCE Trust IV fixed-to-floating trust preference securities.

The securities are subordinated to Southern California Edison’s senior debt.

Proceeds will be used to repay the series A preference shares and for general corporate purposes.

The outlook is stable.

Fitch said the ratings and stable outlook reflect Southern California Edison’s relatively predictable earnings and cash flows, low debt leverage and balanced regulatory compact.

The ratings and outlook also consider the utility’s large capex program and assumes a reasonable outcome in its pending 2015 general rate case. An administrative law judge proposed order and final California Public Utilities Commission decision is expected later this year with rates retroactive to Jan. 1, 2015.

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