Standard&Poor's Rating Services assigned its 'AAA/A-1+' rating to Southern California Public Power Authority's (Magnolia Power Project A) refunding revenue bonds, 2007-1. The long-term component of the rating is based on a bond insurance policy provided by MBIA (AAA/Stable). The long-term component of the rating represents the likelihood that debt service will be paid over the life of the issue. The short-term component of the rating represents the likelihood of payment of tenders and reflects a liquidity facility provided by KBC Bank N.V. (A-1+). The liquidity facility, which is a SBPA, shall provide coverage for principal and 185 days of interest at the maximum rate of 12% for the purchase price of bonds that are not successfully remarketed. The
