Fitch IBCA, Inc. said Thursday it downgraded the outstanding debt ratings assigned to Southern California Edison, Pacific Gas and Electric Company (Pac Gas) and Edison International (EIX) to speculative grade status. The rating actions reflects the California Public Utility Commission's (CPUC) approval of a 7-15% retail rate increase, and Fitch's view that it is wholly insufficient to reverse the cash drain that could lead to default.