Summary: Southern California Public Power Authority; Wholesale Electric

S&P Global Ratings Services affirmed its 'AA-' long-term rating on the Southern California Public Power Authority's (SCPPA, or the authority) series 2010A and 2010B Tieton Hydropower Project revenue refunding bonds, issued on behalf of the electric systems of the cities of Burbank and Glendale. The outlook is stable. The 'AA-' ratings reflect our opinion of: Take-or-pay contracts with project participants that unconditionally require the cities to pay operating costs and debt service on the project, even if the project is not operating; The strong credit quality of the participants' electric systems (Burbank at AA-/Stable; Glendale at AA-/Negative); and Power sales agreements that contain 100% step-up provisions, requiring the nondefaulting participant to increase its obligation by 100% on the failure of

...S&P Global Ratings Services affirmed its '##-' long-term rating on the Southern California Public Power Authority's (SCPPA, or the authority) series 2010A and 2010B Tieton Hydropower Project revenue refunding bonds, issued on behalf of the electric systems of the cities of Burbank and Glendale. The outlook is stable. The '##-' ratings reflect our opinion of: + Take-or-pay contracts with project participants that unconditionally require the cities to pay operating costs and debt service on the project, even if the project is not operating; + The strong credit quality of the participants' electric systems (Burbank at ##-/Stable; Glendale at ##-/Negative); and + Power sales agreements that contain 100% step-up provisions, requiring the nondefaulting participant to increase its obligation by 100% on the failure of the other participant to make its share of payments. The ratings and outlook on the series 2010A and 2010B bonds reflect those on Burbank's electric system and our view of the effects...

Summary