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18 May 2004 - Edison Mission Energy (EME)disclosure that it terminated ring-fencing provisions has no immediate effect on credit quality.

EME disclosed the termination in the Securities and Exchange Commission Form 10-Q it filed May 7 for the first quarter of 2004. The ring-fencing provisions were put in place during the California energy crisis and were implemented to protect EME from potential credit deterioration of its parent, Edison International, and affiliate, Southern California Edison Co., the credit quality of which declined during the crisis. Both companies have since stabilized and the original purpose for the ring-fencing provisions no longer exists.

The termination of the ring-fencing provisions removed potential restrictions in allowing EME to upstream funds to Mission Energy Holdings Co. (MEHC). Standard & Poor's thinks it is in the best interest of all creditors at EME and MEHC that EME is allowed to make payments to MEHC. Standard & Poor's consolidates these entities in its credit analysis: The 'B' rating reflects this consolidation.

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