Summary: Southern California Public Power Authority; Wholesale Electric

S&P Global Ratings revised the outlook to negative from stable and affirmed its 'AA-' long-term rating on the Southern California Public Power Authority's (SCPPA) series 2012A and 2012B Mead-Adelanto Project revenue bonds and Mead-Phoenix Project revenue bonds. We revised the outlook following the recent lowering of the long-term and underlying ratings on the Los Angeles Department of Water&Power (LADWP) power system revenue bonds to 'AA-' with a negative outlook from 'AA'. Although the possibility of default is remote, we view the rating on the project as highly influenced by our credit ratings and outlooks on LADWP and Glendale, which together represent a significant share of transmission entitlement and debt service. The rating action on LADWP reflected our updated

...S&P Global Ratings revised the outlook to negative from stable and affirmed its '##-' long-term rating on the Southern California Public Power Authority's (SCPPA) series 2012A and 2012B Mead-Adelanto Project revenue bonds and Mead-Phoenix Project revenue bonds. We revised the outlook following the recent lowering of the long-term and underlying ratings on the Los Angeles Department of Water & Power (LADWP) power system revenue bonds to '##-' with a negative outlook from '##'. Although the possibility of default is remote, we view the rating on the project as highly influenced by our credit ratings and outlooks on LADWP and Glendale, which together represent a significant share of transmission entitlement and debt service....

Summary