Standard&Poor's Ratings Services has assigned its 'AA-' rating to the Southern California Public Power Authority's (SCPPA) Apex Power Project revenue bonds. The utility will sell the bonds in two series, consisting of $155.1 million series 2014A (tax-exempt) bonds and $166.9 million series 2014B (taxable) bonds. The outlook is stable. Bond proceeds will finance the SCPPA's purchase of the 531 megawatt, gas-fired, combined cycle Apex power plant from Las Vegas Power Company LLC, a merchant energy company. The authority is financing 100% of the plant's acquisition cost. The financing also covers the approximately $26 million of postclosing plant improvement expenditures that the SCPPA forecasts. SCPPA will pay the bonds' debt service from revenues it receives from the Los Angeles
