Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'AA-' from 'A+' on Southern California Public Power Authority, Calif.'s $43.6 million series 2008B taxable natural gas project (Burbank) revenue bonds. The bonds are secured by payments to be made from the Burbank electric system to the Southern California Public Power Authority (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 expenses of Burbank's electric system, made prior to debt service on Burbank's direct electric system debt. The raised rating reflects our upgrade of Burbank's electric system revenue bond rating and SPUR to 'AA-' from 'A+'. For
