Summary: Los Angeles Department of Water and Power Southern California Public Power Authority; Retail Electric; Wholesale Electric

S&P Global Ratings lowered its long-term rating and underlying rating to 'AA-' from 'AA' on Los Angeles Department of Water and Power's (LADWP, or the department) power system revenue bonds outstanding and removed the ratings from CreditWatch, where they had been placed with negative implications on Nov. 13, 2019. The outlook is negative. We took a similar action on ratings for the following Southern California Public Power Authority (SCPPA) projects in which LADWP is the sole participant: Windy Flats, Linden Wind Energy, Milford Wind Corridor Phase II, Mead Adelanto series 2016A, Mead Phoenix series 2016A, and Apex Power Project. At the same time, we revised the outlook to negative from developing and affirmed our 'AA-' long-term rating on SCPPA's Milford

...S&P Global Ratings lowered its long-term rating and underlying rating to '##-' from '##' on Los Angeles Department of Water and Power's (LADWP, or the department) power system revenue bonds outstanding and removed the ratings from CreditWatch, where they had been placed with negative implications on Nov. 13, 2019. The outlook is negative. We took a similar action on ratings for the following Southern California Public Power Authority (SCPPA) projects in which LADWP is the sole participant: + Windy Flats, + Linden Wind Energy, + Milford Wind Corridor Phase II, + Mead Adelanto series 2016A, + Mead Phoenix series 2016A, and + Apex Power Project. At the same time, we revised the outlook to negative from developing and affirmed our '##-' long-term rating on SCPPA's Milford Wind Corridor Phase I Project bonds. LADWP's power system has a 92.5% entitlement share of the project and related obligations. In addition, we lowered our dual rating to '##-/A-1' from '##/A-1' on LADWP's series 2002A power...

Summary