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Moody’s changes Edison International to negative
Moody's Investors Service said it revised the outlook for Edison International Inc. and its principal subsidiary, Southern California Edison Co. (SCE), to negative from stable.
At the same time, the agency affirmed Edison’s A3 issuer rating and SCE’s A2 issuer rating.
"SCE's credit profile is weighed down by the potentially large contingent exposure created by the application of strict liability standard in California in the case of wildfires where utility equipment was determined to be the source of the fire," Moody’s vice president, senior credit officer Toby Shea said in a news release.
"The increasing inverse condemnation risk exposure has caused us to reassess our view of the credit supportiveness of the regulatory environment in California. In addition, cash flow to debt metrics are expected to be lower due to tax reform."
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