SAN FRANCISCO (S&P Global Ratings) April 3, 2020--S&P Global Ratings revised the outlook to negative from stable and affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the Southern California Public Power Authority's (SCPPA) revenue bonds outstanding, issued for Magnolia Power Project A. In addition, we affirmed our 'AAA/A-1+' rating on SCPPA's series 2009-1 refunding revenue bonds (Magnolia Power Project A) based on the application of joint criteria, assuming low correlation between SCPPA (AA-) and the letter-of-credit (LOC) provider for the series 2009-1 bonds, U.S. Bank N.A. (AA-/A-1+). The outlook revision follows an identical action on the Anaheim senior (AA-) and subordinate (A+) electric revenue bond ratings on April 3, 2020. Although the possibility of default is remote, we
