Business context and reporting period
This is the fiscal-year 2021 Form 10-K of SCE Recovery Funding LLC, an asset-backed issuing entity and wholly owned subsidiary of Southern California Edison Company (SCE), which is itself wholly owned by Edison International. The year ended December 31, 2021; the report was signed March 31, 2022. SCE is the depositor, sponsor, and servicer. The filing relates to the issuing entity, not SCE’s consolidated operating results.
Financial results and liquidity
The filing omits financial statements, management’s discussion and analysis, and selected financial data under General Instruction J. It therefore does not provide clear values for revenue, profit, cash flow, margins, debt, liquidity, or comparative-period results. Bond documents are referenced, but this filing does not state principal amounts, rates, or payment performance.
Material changes, risks, and unusual items
- The servicer disclosed that, in certain months, reconciliations for asset-backed-securities bank accounts were completed slightly more than 30 calendar days after the applicable cutoff, rather than within the servicing criterion’s 30-day timeframe. SCE changed its procedures to require timely reconciliations going forward.
- The filing references a February 15, 2022 amendment to the Recovery Property Servicing Agreement, after the reporting period.
- The filing reports no significant obligors of pool assets, credit enhancement or other support, specified derivatives, or legal proceedings under the applicable asset-backed issuer disclosure items.
Investor facts to verify
- Bond principal, terms, repayment schedule, and collateral details in the indenture and related offering documents.
- Collections, payment performance, and available balances in other issuer reports; this 10-K provides no clear financial amounts.
- Whether the revised reconciliation procedures have operated as intended, and the details of servicing compliance assessments and attestations referenced in the exhibits.