Summary: Southern California Public Power Authority; Wholesale Electric

S&P Global Ratings affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the Southern California Public Power Authority's (SCPPA) subordinate transmission project revenue bonds outstanding, issued for the Southern Transmission System (STS). The outlook is negative. The negative outlook reflects that on the long-term rating and SPUR on the Los Angeles Department of Water&Power's (LADWP) power system revenue bonds (AA-/Negative). 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 Anaheim, which together represent more than 77% of transmission entitlement and debt service. As of June 30, 2021, total debt outstanding for STS was $317 million. The SCPPA bonds are secured

...S&P Global Ratings affirmed its '##-' long-term rating and underlying rating (SPUR) on the Southern California Public Power Authority's (SCPPA) subordinate transmission project revenue bonds outstanding, issued for the Southern Transmission System (STS). The outlook is negative. The negative outlook reflects that on the long-term rating and SPUR on the Los Angeles Department of Water & Power's (LADWP) power system revenue bonds (##-/Negative). 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 Anaheim, which together represent more than 77% of transmission entitlement and debt service. As of June 30, 2021, total debt outstanding for STS was $317 million....

Summary