Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'AA-' from 'A+' on Southern California Public Power Authority's (SCPPA or the authority) outstanding series 1989A, 1997, 2008A, and 2008B subordinate-lien project revenue bonds, issued for the Palo Verde Project. Standard&Poor's also raised its long-term rating to 'AA-' from 'A+' on the authority's outstanding series 1989A bonds. The raised ratings reflect our view of an improvement in the credit quality of the participants, namely Pasadena, Glendale and Burbank, whose bonds are now rated 'AA-', an improvement from 'A+'. At the same time, Standard&Poor's affirmed its 'AAA/A-1+' rating on the authority's outstanding 2008A and 2008B bonds, based on the application of low correlation joint criteria where
