However, this is a clear "shot across the bow" by Wall Street to State Regulators to explain what the hell California's Energy policy looks like and who is going to pay for what.
I might add that in rules of naval engagement only one warning shot is given. I would not want to own stock in SCE right now, nor in any company that is a major supplier to or lender to SCE.
You say there is only one warning given by the Bond people.
Hmm!
What will the Sacramento Demoncrats do next then?
I would guess, stall till election time and then, unload the bad news on the populace(Is that a word?).