AUSTIN (S&P Global Ratings) May 19, 2022--S&P Global Ratings revised the outlook to stable from negative and affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the Southern California Public Power Authority's (SCPPA) subordinate transmission project revenue bonds outstanding, issued for the Southern Transmission System (STS). The outlook revision follows an identical action on our 'AA-' long-term rating and SPUR on the Los Angeles Department of Water and Power's (LADWP) power system revenue bonds. LADWP is the largest project participant and, in our view, the LADWP rating highly influences that on STS. The outlook revision to stable from negative on the LADWP bond rating reflects our view of the department's prudent steps to improve risk management, internal controls and
