Fitch cuts Edison Mission, affirms Edison International

Fitch Ratings said it affirmed Edison International's long- and short-term issuer default ratings at BBB- and F3, respectively.

The outlook is stable.

Fitch said it also downgraded Edison Mission Energy's long-term issuer default ratings to B from BB- and senior unsecured debt to B-/RR5 from BB-, and Midwest Generation LLC's long-term issuer default rating to B from BB and secured working capital facility to BB/RR1 from BBB-.

The outlook is negative for Edison Mission and Midwest Generation.

Ratings reflect relatively strong and stable earning and cash flows at its core operating utility subsidiary, Southern California Edison (A-/stable), the agency said.

Ratings also reflect the adverse effect of lower power prices and cyclical earnings pressures at its wholly owned unregulated power generation subsidiary Edison Mission, the agency noted.

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