Summary: Southern California Public Power Authority; Wholesale Electric

S&P Global Ratings assigned its 'AA-' long-term rating to the Southern California Public Power Authority's (SCPPA) proposed $82.2 million series 2020-1 (tax-exempt) and $7.9 million series 2020-2 (taxable) refunding revenue bonds issued for the Magnolia Power Project A. The outlook is stable. The bonds are being issued to refund a portion of the authority's series 2009-1 bonds, all of the 2011-1 bonds, and a portion of the series 2017-1 bonds, as well as to partly terminate an interest rate swap. At the same time, and to be addressed in a subsequent report, the authority plans to issue series 2020-3 variable-rate bonds to refinance the balance of the series 2009-1 and 2017-1 bonds. The ratings reflect our view of the strong

...S&P Global Ratings assigned its '##-' long-term rating to the Southern California Public Power Authority's (SCPPA) proposed $82.2 million series 2020-1 (tax-exempt) and $7.9 million series 2020-2 (taxable) refunding revenue bonds issued for the Magnolia Power Project A. The outlook is stable. The bonds are being issued to refund a portion of the authority's series 2009-1 bonds, all of the 2011-1 bonds, and a portion of the series 2017-1 bonds, as well as to partly terminate an interest rate swap. At the same time, and to be addressed in a subsequent report, the authority plans to issue series 2020-3 variable-rate bonds to refinance the balance of the series 2009-1 and 2017-1 bonds. The ratings reflect our view of the strong credit quality of the participants, with ##/Stable and ##-/Stable rated project participants responsible for approximately 78% of debt service requirements and project costs, and a ##-/Negative rated participant representing an additional 17%. The '##-' rating further...

Summary