S&P Global Ratings affirmed its 'AA-' long-term rating on Burbank , Calif.'s electric system revenue bonds outstanding, issued on behalf of Burbank Water and Power (BWP). In addition, we affirmed our 'AA-' underlying rating (SPUR) on the Southern California Public Power Authority 's (SCPPA) Natural Gas Project A revenue bonds outstanding, payable from Burbank electric system revenue. The outlook is negative. Net electric utility revenue secures the electric revenue bonds. As of June 30, 2024, the electric system had $178.8 million of direct debt outstanding. As of Dec. 31, 2024, BWP had an additional $286 million in off-balance-sheet debt related to its participation in various power projects with Intermountain Power Agency and SCPPA. BWP treats its share of these joint
