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Edison Shares Take Two Hits
['Howard Fine', 'Howard Fine Is A Veteran Of The Los Angeles Business Journal. He Covers Stories Pertaining To Healthcare', 'Biomedicine', 'Energy', 'Engineering', 'Construction', 'Infrastructure. He Has Won Several Awards', 'Including Best Body Of Work For A Single Reporter The Alliance Of Area Business Publishers', 'Distinguished Journalist Of The Year The Society Of Professional Journalists.']
Los Angeles Business Journal
The Eaton Fire was caused by sparking from Southern California Edison equipment along a long-dormant power line in Eaton Canyon above Altadena.
Within weeks, two investigations were launched: an internal one by Edison and a joint investigation by CalFire and the Los Angeles County Fire Department.
In its most recent second-quarter earnings report, Edison said, “Absent additional evidence, SCE believes that it is likely that its equipment was associated with the ignition of the Eaton Fire.”
In its latest report on Edison, Fitch Ratings even had a phrase for this reform: “Better socializing catastrophic risk.”
After a downgrade last fall, S&P Global Ratings gave Edison a BBB- rating, which is one notch above junk-bond territory.