Standard&Poor's Ratings Services assigned its 'A+' rating to Southern California Public Power Authority's (SCPPA) series 2008A refunding transmission project revenue bonds, issued for Southern Transmission Project (STS). In addition, Standard&Poor's affirmed its ratings on SCPPA's revenue bonds, issued for STS. The bonds are payable from rates and charges that the participants' electrical systems provide to their service areas. The 'A+' ratings reflect: The credit quality of the six California municipal electric systems that are severally obligated to pay STS's debt service; The unlimited step-up nature of the "take or pay" transmission service contracts, which unconditionally require the cities to pay operations and debt service on the project; and The importance of the STS as the only
