S&P Global Ratings assigned its 'AA-' long-term rating to Southern California Public Power Authority's (SCPPA) proposed $73.3 million series 2025A subordinate transmission project revenue bonds, issued for the Southern Transmission Project (also referred to as Southern Transmission System or STS). At the same time, we affirmed our 'AA-' long-term rating on the authority's outstanding subordinate transmission project revenue bonds issued for the STS. The outlook is stable. Revenue from rates and charges collected by the project participants' electric systems in their respective service territories secures the SCPPA bonds. The payment obligations under the transmission service contracts are take-or-pay and constitute operating expenses of the respective project participants, payable solely from their respective electric systems' revenue. Because of the presence of
