Standard&Poor's Ratings Services lowered its rating on Southern California Public Power Authority's (Magnolia Power Project A) refunding revenue bonds series 2009-1 to 'AAA/A-2' from 'AAA/A-1'. This action follows Standard&Poor's Dec. 8, 2011, downgrade of its rating on KBC Bank N.V. to 'A-/A-2' from 'A/A-1' (please see "KBC Bank N.V. And Core Entities Downgraded One Notch On Bank Criteria Change; Outlook Stable," published Dec. 8, 2011, on RatingsDirect on the Global Credit Portal). The long-term component of the rating is based jointly (assuming low correlation) on the rating on the obligor, Southern California Public Power Authority, and the LOC provided by KBC Bank N.V., The short-term component of the rating is based on the rating on KBC
