Standard&Poor's Ratings Services has assigned its 'A+' underlying rating (SPUR) to Southern California Public Power Authority (SCPPA or the authority), Calif.'s subordinate lien project revenue bonds (series 2008A and 2008B), issued for the Palo Verde Project. The outlook is stable. Supporting debt service on the projects bonds are payments from the 10 California cities that participate in it. The cities must treat project debt service and operating expenses as expenses of their own electric systems. The project has no senior lien bonds outstanding. At the same time, Standard&Poor's assigned its 'AAA/A-1+' standard long-term ratings to the 2008A and 2008B bonds, based on the application of low correlation joint criteria for series where the SPUR on the
