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California’s investor-owned utilities could see credit rating downgrades if state lawmakers fail to act before the end of the legislative session on Aug. 31, Edison International President and CEO Pedro Pizarro told analysts on Thursday's second-quarter earnings call.
He warned that the utility company hasn’t seen any draft legislation that would address the state's soaring wildfire costs.
“That could be a significant cost impact to the cost of debt that gets passed through to SCE customers if we don't have a framework in the next four weeks that is credit-supportive for our utility,” he said. “If you look at just the S&P ratings, it's BBB- for [SCE]. So there's nowhere to go in investment grade, right? The next step is non-investment grade.”
$1.6B
