The rating on Southern California Public Power Authority's subordinated refunding revenue bonds (transmission project) series 1996B has been affirmed due to the bank facility being extended to June 13, 2012. The long-term component of rating is based on Financial Security Assurance Inc. The short-term component of the rating is based on Dexia Credit Local. The rating on Southern California Public Power Authority's subordinated refunding revenue bonds (Palo Verde project) series 1996C has been affirmed due to the bank facility being extended to July 1, 2009. The long-term component of rating is based on Ambac Assurance Corp. The short-term component of the rating is based on JP Morgan Chase Bank N.A. The stable outlook is based on the outlook of the
