Edison International

EIX operates with typical utility leverage and targets FFO‑to‑debt of 15‑17%. S&P rates the group around BBB‑ with a negative outlook, citing wildfire‑fund adequacy concerns, while Moody’s and Fitch remain investment grade. 2025 free cash flow to equity is negative due to heavy growth capex, which is expected for a rate‑base compounder.

Liquidity is adequate and securitizations tied to TKM and proposed Woolsey recoveries should improve metrics and offset normal‑course issuance. We view the balance sheet as serviceable for a regulated utility but not fortress‑like, meriting a mid‑50s score with an upward path if wildfire liabilities are durably contained.