Standard&Poor's Ratings Services has assigned its 'AAA/A-1+' standard long-term rating to Southern California Public Power Authority's (SCPPA) refunding revenue bonds (Palo Verde Project) series 2008A, and 2008B. The long-term rating reflects the application of low correlation joint criteria for series where Standard&Poor's underlying rating (SPUR) on the authority is 'A+' and the direct-pay, irrevocable letter of credit (LOC) providers JPMorgan Chase Bank, N.A. (AA/Negative/A-1+; 2008A bonds) and Dexia Credit Local (AA/Negative/A-1+; 2008B bonds). The short-term component of the ratings reflects the LOCs provided by the respective banks. The LOC provides coverage for payment of principal and interest on the bonds for up to 52 days of interest coverage at 12% annually. Its expected expiration date is
