Fitch rates SCE Trust preferreds BBB+

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

The outlook is stable.

Proceeds from the debt offering will be used by Southern California Edison to redeem all of the outstanding shares of its 6.5% series D preference stock and for general corporate purposes.

Fitch said the ratings and stable outlook reflect its strong and relatively predictable earnings and cash flows, manageable debt and balanced regulatory compact.

The ratings and outlook also considers Southern California Edison’s large capex program and assumes a credit supportive regulatory compact in California.

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