S&P; Raises Ratings for Edison, Utility Unit

Standard & Poor’s raised its ratings for Edison International and its Southern California Edison utility unit, a sign that California’s second-largest utility has made significant progress since narrowly avoiding bankruptcy last year.

The new ratings, however, fall short of the investment-grade levels that SCE has long maintained it needs so that it can again procure power and completely regain its financial health after nearly succumbing to California’s power crisis.

S&P; raised SCE’s senior secured debt rating eight notches to BB, its second-highest junk grade, from CC, and its senior unsecured debt rating six notches to B-plus from CC.

It raised Edison International’s corporate credit rating four notches to B-minus from CC and its senior unsecured debt rating five notches to B-minus from C.

Rosemead-based Edison shares closed at $15.15, down 13 cents on the New York Stock Exchange.