Standard&Poor's Ratings Services lowered its rating on Southern California Public Power Authority, Calif.'s (Southern Transmission Project) subordinate refunding bonds series 2001A to 'AA-/A-2' from 'AA+/A-1', and placed it on CreditWatch with negative implications. These actions follow Standard&Poor's downgrade of its rating on Dexia Credit Local to 'A-2' from 'A-1', and placement on CreditWatch with negative implications, and its downgrade of its rating on Assured Guaranty Municipal Corp. to 'AA-' from 'AA+'. The long-term component of the rating is based on bond insurance policies provided by Assured Guaranty Municipal Corp. The short-term component of the rating is based on the liquidity facility provided by Dexia Credit Local. USPF Criteria: Bank Liquidity Facilities, June 22, 2007
