Summary: Southern California Public Power Authority; Wholesale Electric

S&P Global Ratings revised the outlook to developing from stable and affirmed its 'AA-' long-term rating on the 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. We also assigned our 'AA-' long-term rating to SCPPA's proposed $111.7 million series 2019-1 refunding revenue bonds (Milford Wind Corridor Phase I Project), the proceeds of which will be used to refund SCPPA's series 2010-1 bonds. LADWP's power system (AA/Negative) has a 92.5% entitlement share of the project and related obligations. The outlook is developing.

...S&P Global Ratings revised the outlook to developing from stable and affirmed its '##-' long-term rating on the 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. We also assigned our '##-' long-term rating to SCPPA's proposed $111.7 million series 2019-1 refunding revenue bonds (Milford Wind Corridor Phase I Project), the proceeds of which will be used to refund SCPPA's series 2010-1 bonds. LADWP's power system (##/Negative) has a 92.5% entitlement share of the project and related obligations. The outlook is developing. The outlook revision reflects our view that, over the next two years, we could raise the rating if the vulnerabilities related to LADWP's management, governance, and internal controls are mitigated, as explained in our report...

Summary