SoCal Edison Projects Cut to ‘Junk’ Status

Standard & Poor’s Corp. cut the ratings of some power projects that supply Southern California Edison to “junk” status, citing uncertainty about the utility’s longer-term credit standing.

The rating agency cited improvements in the credit strength of the Rosemead-based utility, a unit of Edison International, but said it was “still impossible to determine Southern California Edison’s long-term credit-worthiness.”

SCE, which a year ago was on the brink of bankruptcy, is rated BB by S&P;, a non-investment or junk rating.

The projects were cut to BB from BBB-minus, the lowest investment grade.

Edison International shares closed up 12 cents at $11.90 on the New York Stock Exchange.