...June 6, 2024 ENGLEWOOD (S&P Global Ratings) June 6, 2024--S&P Global Ratings revised its outlook to negative from stable and affirmed its '##-' long-term rating on the Southern California Public Power Authority (SCPPA) (Magnolia Power Project A) revenue bonds outstanding. We also revised the outlook to negative from stable and affirmed our '##-/A-1' dual rating on SCPPA's (Magnolia Power Project A) series 2020-3 refunding revenue bonds. The outlook revision follows an identical action on the City of Burbank's electric revenue bond ratings on May 31, 2024. Burbank represents 31% of Project A entitlement and 32% of Project A indenture cost share. "Although the probability of default is remote, we view the rating on the project as highly influenced by our rating and outlook on the Burbank electric system," said S&P Global Ratings credit analyst Alexandra Rozgonyi. "With inclusion of the required maximum 35% step-up in the event that participants other than Burbank default on required payments,...
