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

S&P Global Ratings assigned its 'AAA/A-1+' dual rating and 'AA-' underlying rating (SPUR) to the Southern California Public Power Authority's (SCPPA) Magnolia Power Project A, refunding revenue bonds, 2020-3. At the same time, we affirmed our 'AA-' long-term rating and SPUR on SCPPA's revenue bonds outstanding, issued for Magnolia Power Project A. In addition, we affirmed our 'AAA/A-1+' dual rating and 'AA-' SPUR on SCPPA's series 2009-1 refunding revenue bonds (Magnolia Power Project A), which are being refunded by the proceeds of the proposed series 2020-3 bonds as well as separately issued series 2020-1 bonds, 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

...S&P Global Ratings assigned its '###/A-1+' dual rating and '##-' underlying rating (SPUR) to the Southern California Public Power Authority's (SCPPA) Magnolia Power Project A, refunding revenue bonds, 2020-3. At the same time, we affirmed our '##-' long-term rating and SPUR on SCPPA's revenue bonds outstanding, issued for Magnolia Power Project A. In addition, we affirmed our '###/A-1+' dual rating and '##-' SPUR on SCPPA's series 2009-1 refunding revenue bonds (Magnolia Power Project A), which are being refunded by the proceeds of the proposed series 2020-3 bonds as well as separately issued series 2020-1 bonds, 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 outlook, where applicable, is negative. The '###' long-term component of the proposed series 2020-3 rating reflects our view of the joint support of LOC provider U.S. Bank National Assn., in...

Summary