Standard&Poor's Ratings Services assigned its 'SP-1+' short-term rating to Southern California Public Power Authority's (SCPPA) $172.3 million series 2009A Canyon Power Project revenue notes, issued for the City of Anaheim. Additionally, Standard&Poor's assigned its 'AA-' issuer credit rating (ICR), with a stable outlook, to the project. The 'SP-1+' short-term rating reflects our view of the following: Anaheim's electric system's take-or-pay contract with the City of Anaheim that requires payment regardless of whether the project is completed or operational; The system's strong long-term underlying rating (SPUR) of 'AA-' (the system will be obligated for 100% of project costs); and Demonstrated market access of both SCPPA and Anaheim, which should facilitate the timely refinancing of the notes with
