Summary: Southern California Public Power Authority; Joint Criteria; Wholesale Electric

Standard&Poor's Ratings Services affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the Southern California Public Power Authority's (SCPPA) series 2003-1, 2006-1, 2009-1, 2009-2, and 2011-1 revenue bonds, issued for the Magnolia Power Project A. The outlook is stable. In addition, we affirmed our 'AAA/A-1+' rating on SCPPA's series 2009-1 and 2009-2 refunding revenue bonds (Magnolia Power Project A) based on the application of joint criteria (assuming low correlation), between SCPPA (AA-) and the letters of credit (LOC) providers for the series 2009-1 bonds, U.S. Bank N.A. (AA-/A-1+), and the series 2009-2 bonds, Wells Fargo Bank N.A. (AA-/A-1+). The ratings reflect our view of the strong credit quality of the participants, with 'AA-' rated project participants responsible

...Standard & Poor's Ratings Services affirmed its '##-' long-term rating and underlying rating (SPUR) on the Southern California Public Power Authority's (SCPPA) series 2003-1, 2006-1, 2009-1, 2009-2, and 2011-1 revenue bonds, issued for the Magnolia Power Project A. The outlook is stable. In addition, we affirmed our '###/A-1+' rating on SCPPA's series 2009-1 and 2009-2 refunding revenue bonds (Magnolia Power Project A) based on the application of joint criteria (assuming low correlation), between SCPPA (##-) and the letters of credit (LOC) providers for the series 2009-1 bonds, U.S. Bank N.A. (##-/A-1+), and the series 2009-2 bonds, Wells Fargo Bank N.A. (##-/A-1+). The ratings reflect our view of the strong credit quality of the participants, with '##-' rated project participants responsible for approximately 92% of debt service requirements, project costs, and project output entitlements. The '##-' SPUR further reflects our view of:...

Summary