Summary: Burbank, California Southern California Public Power Authority; Retail Electric; Wholesale Electric

S&P Global Ratings affirmed its 'AA-' long-term rating and underlying rating (SPUR) on Burbank, Calif.'s electric revenue refunding bonds, issued for Burbank Water and Power (BWP). At the same time, S&P Global Ratings affirmed its 'AA-' long-term rating on Southern California Public Power Authority's (SCPPA) series 2008B taxable Natural Gas Project (Burbank) bonds issued for the authority's Natural Gas Project A. The outlook is stable. Net electric utility revenues secure the outstanding Burbank electric bonds. At fiscal year-end 2021, BWP had $53.8 million of long-term debt outstanding, with an additional $216.5 million in off-balance-sheet debt relating to its participation in various power projects. The 2008B SCPPA bonds secured by payments to be made from the Burbank electric system to the

...S&P Global Ratings affirmed its '##-' long-term rating and underlying rating (SPUR) on Burbank, Calif.'s electric revenue refunding bonds, issued for Burbank Water and Power (BWP). At the same time, S&P Global Ratings affirmed its '##-' long-term rating on Southern California Public Power Authority's (SCPPA) series 2008B taxable Natural Gas Project (Burbank) bonds issued for the authority's Natural Gas Project A. The outlook is stable. Net electric utility revenues secure the outstanding Burbank electric bonds. At fiscal year-end 2021, BWP had $53.8 million of long-term debt outstanding, with an additional $216.5 million in off-balance-sheet debt relating to its participation in various power projects. The 2008B SCPPA bonds secured by payments to be made from the Burbank electric system to the SCPPA, pursuant to the Project A Gas Sales Agreement. Payments of Burbank's share of the natural gas project costs are made solely by electric system revenues, with such payments constituting operating...

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