Moody௿½s lowers senior unsecured debt rating of Southern California Edison

The rating action follows today௿½s 8-K filings by Southern California Edison and Edison International that Southern California Edison Company had temporarily suspended payment on a $200 million principal repayment of unsecured notes due January 16, 2001 and the payment of approximately $30 million of associated interest.

Jan. 16, 2001–Good things do not come to those who wait: While San Diego was battling a massive press blitz on the skyrocketing prices, those utilities in the rate freeze (namely PG&E and Southern California Edison) piled red numbers atop of red numbers trapped between an open market price for the power they had to purchase and a rate freeze for the consumers they are required to serve. While SDG&E may have gotten the brunt force of the bad lip service, it was the other major California utilities that were burdened with debt.

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