Summary: Southern California Public Power Authority; Letter Of Credit

S&P Global Ratings assigned its 'A/A-1' rating to Southern California Public Power Authority's series 2022B refunding revenue bonds, issued for the canyon power project. The bond rating reflects our rating on Sumitomo Mitsui Banking Corp., acting through its New York branch, the letter of credit (LOC) provider, during the weekly rate mode. The long-term component of the rating reflects our long-term issuer credit rating (ICR) on Sumitomo Mitsui Banking Corp., acting through its New York branch, and addresses our expectation of full and timely interest-and-principal payments when noteholders have not exercised the put option. The short-term component of our rating reflects our short-term ICR on Sumitomo Mitsui Banking Corp., acting through its New York branch, and addresses our expectation of

...S&P Global Ratings assigned its 'A/A-1' rating to Southern California Public Power Authority's series 2022B refunding revenue bonds, issued for the canyon power project. The bond rating reflects our rating on Sumitomo Mitsui Banking Corp., acting through its New York branch, the letter of credit (LOC) provider, during the weekly rate mode. The long-term component of the rating reflects our long-term issuer credit rating (ICR) on Sumitomo Mitsui Banking Corp., acting through its New York branch, and addresses our expectation of full and timely interest-and-principal payments when noteholders have not exercised the put option. The short-term component of our rating reflects our short-term ICR on Sumitomo Mitsui Banking Corp., acting through its New York branch, and addresses our expectation of full and timely interest-and-principal payments when noteholders have exercised the put option. The LOC covers the entire principal balance and 56 days' interest accruals at a 10% maximum bond rate....

Summary