Summary: Southern California Public Power Authority; Wholesale Electric

S&P Global Ratings affirmed its 'AA-' long-term rating on Southern California Public Power Authority's (SCPPA or the authority) $237.2 million series 2010-1 revenue bonds (Milford Wind Corridor Phase I Project), issued on behalf of the electric systems of the Los Angeles Department of Water and Power (LADWP), the City of Burbank, and the City of Pasadena. The outlook is stable. The 'AA-' rating reflects our opinion of: The strong credit quality of the participants, with long-term ratings for all three participants of AA-/Stable or higher; Take-or-pay contracts with project participants that unconditionally require the participants to pay operating costs and debt service on the project even if the project is not operating, which alleviates any potential risk with regard to

...S&P Global Ratings affirmed its '##-' long-term rating on Southern California Public Power Authority's (SCPPA or the authority) $237.2 million series 2010-1 revenue bonds (Milford Wind Corridor Phase I Project), issued on behalf of the electric systems of the Los Angeles Department of Water and Power (LADWP), the City of Burbank, and the City of Pasadena. The outlook is stable. The '##-' rating reflects our opinion of: + The strong credit quality of the participants, with long-term ratings for all three participants of ##-/Stable or higher; + Take-or-pay contracts with project participants that unconditionally require the participants to pay operating costs and debt service on the project even if the project is not operating, which alleviates any potential risk with regard to the energy seller's creditworthiness; + Power sales agreements that contain 100% step-up provisions, requiring the nondefaulting participants to increase their obligation by 100% upon the failure of the other participant...

Summary