SAN FRANCISCO (Standard&Poor's) Aug. 20, 2010--Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'AA-' from 'A+' on Southern California Public Power Authority's (the authority) outstanding series 1989A, 1997, 2008A, and 2008B subordinate-lien project revenue bonds, issued for the Palo Verde Project. Standard&Poor's also raised its long-term rating to 'AA-' from 'A+' on the authority's outstanding series 1989A bonds. The outlook on all ratings is stable. At the same time, Standard&Poor's affirmed its 'AAA/A-1+' rating on the authority's outstanding 2008A and 2008B bonds, based on the application of low correlation joint criteria where the SPUR on the authority is 'AA-' and the ratings on the direct-pay, irrevocable letters of credit providers are
