Standard&Poor's Ratings Services affirmed its 'AA-' long-term rating on the Southern California Public Power Authority's (SCPPA, or the authority) series 2012A and 2012B Mead-Adelanto Project revenue bonds and Mead-Phoenix Project revenue bonds. The outlook is stable. The rating reflects our view of: The credit quality of the nine California municipal electric systems, all of which are joint and severally obligated to pay the projects' debt service, and six of which are rated 'AA-' and collectively represent more than 90% of each project's debt service; The unlimited step-up nature of the take-or-pay transmission service contracts, which unconditionally require the cities to pay operations and debt service on the projects; and The projects' importance to the participant cities. Partly offsetting
