...+ S&P Global Ratings revised its outlook to negative from stable and affirmed its '##-' long-term rating on the Southern California Public Power Authority (SCPPA) (Magnolia Power Project A) revenue bonds outstanding. + We also revised the outlook to negative from stable and affirmed our '##-/A-1' dual rating on SCPPA's (Magnolia Power Project A) series 2020-3 refunding revenue bonds. + The outlook revision follows an identical action on the City of Burbank's electric revenue bond ratings on May 31, 2024. Although the probability of default is remote, we view the rating on the project as highly influenced by our rating and outlook on the Burbank electric system, which represents 31% of project entitlement and 32% of Project A indenture cost share. With inclusion of the required maximum 35% step-up in the event that participants other than Burbank default on required payments, Burbank's indenture cost share would increase to 44%....
