Standard&Poor's Ratings Services raised its ratings on Southern California Public Power Authority's (SCPPA) series 2009-1 and 2009-2 refunding revenue bonds (Magnolia Power Project A) to 'AAA/A-1' and 'AAA/A-1+' from 'AAA/A-2' and 'AAA/A-1', respectively, based on the application of joint criteria (assuming low correlation), between SCPPA (AA-) and the letters of credit (LOCs) providers for the series 2009-1 bonds, U.S. Bank N.A. (A+/A-1), and the series 2009-2 bonds, Wells Fargo Bank N.A. (AA-/A-1+). The LOCs provide coverage for payment of principal of and interest on the bonds, including payment of unremarketed tendered bonds. The initial LOCs provides for a maximum of 54 days of interest coverage at 12% per annum. The anticipated expiration dates of the LOCs are Jan.
