Standard&Poor's Ratings Services assigned its 'A+' rating to Southern California Public Power Authority's (the authority, or SCPPA) electric revenue bonds (Magnolia Power Project A), series 2006-1, reflecting: The credit strength of the series A participants -- particularly Anaheim, Burbank, Glendale, and Pasadena -- all of which have electric system revenue bond ratings of 'A+', which together account for more than 90% of project costs and project output entitlements; Good project economics, including a below-market heat rate overall, especially during peak periods, and operating costs that are projected to be competitive versus firm-power costs for the participants, despite higher gas costs than originally forecast; Good legal protections, including the classification of the participants' power sales contract payments as operating
