S&P Global Ratings assigned its 'AA-' long-term rating to the Southern California Public Power Authority (SCPPA), Calif.'s anticipated $15.12 million series 2025A Canyon Power Project refunding revenue bonds and approximately $125.99 million series 2025B Canyon Power Project refunding revenue bonds, issued for the city of Anaheim 's electric utility (doing business as Anaheim Public Utilities or APU), which is the sole participant in the Canyon Power project. The outlook is stable. The bonds are secured by APU's payments to SCPPA, which constitute an operating expense of the electric utility. Electric sales to APU's customers provide the majority of the revenue from which it makes payments to SCPPA. APU had approximately $684.8 million in long-term debt outstanding as of June 30,
