On Sept. 28, 2007, Standard&Poor's Ratings Services assigned its preliminary 'AA-' rating to the $510 million gas project revenue bonds series 2007A, 2007B, and 2007C issued by the Southern California Public Power Authority (SCPPA). The rating is tied to the long-term rating of Goldman Sachs Group Inc. (AA-/Stable/A-1+), which guarantees the payment obligations of SCPPA's gas supplier J. Aron&Co (unrated). Additional relevant parties include AIG-FP Broadgate Ltd. (the commodity swap provider, guaranteed by American International Group Inc. (AA/Stable)) and MBIA Insurance Corp. (AAA/Stable; provides surety for the gas supplied to five municipal gas utilities (the participants). Final ratings will be contingent on Standard&Poor's review of final documentation. SCPPA is a joint power agency. The
