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Fitch: Southern California Edison preferreds BBB+
Fitch Ratings said it assigned a BBB+ rating to Southern California Edison Co.'s SCE Trust VI trust preference securities.
The outlook is stable.
Proceeds will be used to redeem all or a portion of the outstanding shares of Southern California Edison’s 5.625% series F preference stock and for general corporate purposes.
The outlook is stable.
Fitch said Southern California Edison’s ratings and stable outlook are supported by the utility's strong credit ratios, with 2017-2018 debt/EBITDAR estimated by the agency to be about 3 times.
The ratings also consider the company’s relatively predictable earnings and cash flows, manageable leverage, and balanced regulatory compact. Southern California Edison is a wholly owned subsidiary of Edison International (issuer default rating A-/stable).
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