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

S&P Global Ratings affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the Southern California Public Power Authority's (SCPPA) revenue bonds outstanding, issued for Magnolia Power Project A. The outlook is stable. In addition, we affirmed our 'AAA/A-1+' rating on SCPPA's series 2009-1 refunding revenue bonds (Magnolia Power Project A) based on the application of joint criteria, assuming low correlation between SCPPA (AA-) and the letter of credit (LOC) provider for the series 2009-1 bonds, U.S. Bank N.A. (AA-/A-1+). The ratings reflect our view of the strong credit quality of the participants, with 'AA-/Stable' rated project participants responsible for approximately 75% of debt service requirements, project costs, and project output entitlements, and with an additional 16% represented by a

...S&P Global Ratings affirmed its '##-' long-term rating and underlying rating (SPUR) on the Southern California Public Power Authority's (SCPPA) revenue bonds outstanding, issued for Magnolia Power Project A. The outlook is stable. In addition, we affirmed our '###/A-1+' rating on SCPPA's series 2009-1 refunding revenue bonds (Magnolia Power Project A) based on the application of joint criteria, assuming low correlation between SCPPA (##-) and the letter of credit (LOC) provider for the series 2009-1 bonds, U.S. Bank N.A. (##-/A-1+). The ratings reflect our view of the strong credit quality of the participants, with '##-/Stable' rated project participants responsible for approximately 75% of debt service requirements, project costs, and project output entitlements, and with an additional 16% represented by a '##-/Negative' rated participant. The '##-' long-term rating and SPUR further reflect our view of: + The credit strength of the Project A participants, particularly Pasadena, Anaheim,...

Summary