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Recovery Report: Edison Mission Energy Recovery Rating Profile Dec 11
Standard & Poors, December 2011
Standard & Poor's Ratings Services corporate credit ratings on Edison Mission Energy (EME) and its subsidiaries, Edison Mission Marketing and Trading (EMMT) and Midwest Generation LLC (MWG) are 'B-'. The outlook is negative. The recovery rating on MWG's $500 million revolving credit facility is '1' (indicating a 90% to 100% expectation of recovery in the event of a payment default). The recovery ratings on EME's $3.7 billion of senior unsecured notes is '3' (indicating 50% to 70% expectations of recovery). Refinancing needs pose significant risk of bankruptcy during the next 12 months. EME has a $500 million senior unsecured note maturity in June 2013 while its revolving credit facilities ($564 million at EME (not rated by Standard & Poor's) and...
Companies mentioned in this report are: Edison Mission Energy,Midwest Generation LLC,Edison Mission Marketing & Trading Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Edison Mission Energy,Midwest Generation LLC,Edison Mission Marketing & Trading Inc.