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Summary: Edison Mission Energy Dec 11
Standard & Poors, December 2011
The corporate credit rating (CCR) on Edison Mission Energy (EME) and its subsidiaries, Edison Mission Marketing and Trading (EMMT) and Midwest Generation LLC (MWG) is 'B-'. The outlook is negative. The ratings reflect the "vulnerable" business profile and "highly leveraged" financial profile of EME. We also score EME's liquidity position as "less than adequate" and consider liquidity risk, more specifically refinancing risk, to be key to credit quality over the near term, even more so than merchant market conditions. EME has a $500 million senior unsecured note with maturity in June 2013, and its revolving credit facilities ($564 million at EME and $500 million at MWG) both mature in June 2012. We expect that EME will need to refinance or...
Companies mentioned in this report are: Edison Mission Energy,Edison International,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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Edison Mission Energy,Edison International,Midwest Generation LLC,Edison Mission Marketing & Trading Inc.