Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'AA-' from 'A+' on Southern California Public Power Authority's (SCPPA) outstanding series 2003-1, 2006-1, 2009-1, and 2009-2 revenue bonds (Magnolia Power Project A). Standard&Poor's also raised its long-term rating to 'AA-' from 'A+' on SCPPA's series 2003-1 and 2006-1 revenue bonds, also issued for the Magnolia Power Project A. The raised ratings reflect our view of the improved credit quality of the participants, with project participants rated 'AA-' now responsible for approximately 92% of debt service requirements, project costs, and project output entitlements. In addition, Standard&Poor's affirmed its 'AAA/A-1' rating on SCPPA's outstanding series 2009-1 and 2009-2 refunding revenue bonds based on Standard&Poor's
