Standard&Poor's Ratings Services affirmed its 'AA-' underlying rating (SPUR) on Southern California Public Power Authority's (SCPPA or the authority) series 1989A, 1997, 2008A, and 2008B subordinate-lien project revenue bonds, issued for the Palo Verde Project. We also affirmed the 'AA-' long-term rating on the authority's series 1989A bonds. At the same time, in connection with a substitution of the letter of credit (LOC) provider for the authority's 2008A and 2008B bonds to a direct-pay, irrevocable LOC from Barclays Bank PLC, replacing Citibank N.A., Standard&Poor's affirmed its 'AAA/A-1' rating on the 2008A and 2008B bonds. The rating is based on the application of our low correlation joint criteria where the SPUR on the bonds is 'AA-' and
