Southern California Public Power Authority's $115 Million Refunding Bonds Assigned 'AA-' Rating

SAN FRANCISCO (Standard&Poor's) Jan. 27, 2015--Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to the Southern California Public Power Authority's (SCPPA, or the authority) $85 million series 2015A subordinate transmission project revenue refunding bonds and $30 million series 2015B taxable subordinate transmission project revenue refunding bonds (Southern Transmission System, or STS, project). "The 'AA-' rating reflects our view of the credit quality of the six California municipal electric systems, the unlimited step-up nature of the take-or-pay transmission service contracts, and STS' importance as the only route by which energy from the Intermountain Power Project (IPP), a coal-fired generation facility in Utah, can get to the participant cities," said Standard&Poor's credit analyst Paul Dyson. Bond

...SAN FRANCISCO (Standard & Poor's) Jan. 27, 2015--Standard & Poor's Ratings Services assigned its '##-' long-term rating to the Southern California Public Power Authority's (SCPPA, or the authority) $85 million series 2015A subordinate transmission project revenue refunding bonds and $30 million series 2015B taxable subordinate transmission project revenue refunding bonds (Southern Transmission System, or STS, project). "The '##-' rating reflects our view of the credit quality of the six California municipal electric systems, the unlimited step-up nature of the take-or-pay transmission service contracts, and STS' importance as the only route by which energy from the Intermountain Power Project (IPP), a coal-fired generation facility in Utah, can get to the participant cities," said Standard & Poor's credit analyst Paul Dyson. Bond proceeds will refund the authority's series 2000A variable-rate demand bonds and terminate the associated interest rate swap. The stable outlook reflects our view...

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