Fitch rates SCE bonds BBB+

Fitch Ratings said it assigned a BBB+ rating to Southern California Edison’s series 2020A first and refunding mortgage bond issuance due 2050 and rated SCE’s reopened series 2019C first and refunding mortgage bonds due 2029 BBB+. SCE’s long-term issuer default rating is BBB-. Proceeds will be used to repay commercial paper and for general corporate purposes.

The company’s ratings and stable outlook reflect credit supportive elements of Assembly Bill 1054. The law creates an insurance fund to cushion participating California utilities from potential wildfire exposure while the state develops and implements measures designed to reduce the severity and frequency of catastrophic wildfires, Fitch said.

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