Standard&Poor's Ratings Services assigned its 'AAA/A-1' rating to Southern California Public Power Authority's (SCPPA) series 2009-1 and 2009-2 refunding revenue bonds (Magnolia Power Project A) based on Standard&Poor's joint criteria and the application of the low correlation joint criteria table where SCPPA is rated 'A+', the letter of credit (LOC) provider for the 2009-1 bonds, KBC Bank N.V., is rated 'A/A-1', and the LOC provider for the 2009-2 bonds, Bank of America NA, is rated 'A+/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 46 days of interest coverage at 12% per year. The anticipated expiration
