Los Angeles Department of Water&Power, California; Retail Electric; Wholesale Electric

S&P Global Ratings revised the outlook to stable from negative and affirmed its 'AA-' long-term rating and underlying rating on Los Angeles Department of Water and Power's (LADWP, or the department) power system revenue bonds outstanding. We took a similar action on ratings for the following Southern California Public Power Authority (SCPPA) projects in which LADWP's power system is the sole participant: Linden Wind Energy, Mead-Adelanto series 2016A, Mead-Phoenix series 2016A, and Apex Power Project. At the same time, we revised the outlook to stable from negative and affirmed our 'AA-' long-term rating on SCPPA's Milford Wind Corridor Phase I Project bonds. LADWP's power system has a 92.5% entitlement share of the project and related obligations, and contractual provisions include

...S&P Global Ratings revised the outlook to stable from negative and affirmed its '##-' long-term rating and underlying rating on Los Angeles Department of Water and Power's (LADWP, or the department) power system revenue bonds outstanding. We took a similar action on ratings for the following Southern California Public Power Authority (SCPPA) projects in which LADWP's power system is the sole participant: + Linden Wind Energy, + Mead-Adelanto series 2016A, + Mead-Phoenix series 2016A, and + Apex Power Project. At the same time, we revised the outlook to stable from negative and affirmed our '##-' long-term rating on SCPPA's Milford Wind Corridor Phase I Project bonds. LADWP's power system has a 92.5% entitlement share of the project and related obligations, and contractual provisions include a 100% step-up obligation by non-defaulting members upon a member default. We also revised the outlook to stable from negative on our '##-' long-term rating and subsequently withdrew both the long- and...

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