Standard&Poor's Ratings Services has assigned its 'A+' rating to Southern California Public Power Authority's (SCPPA or the authority) revenue bonds, series 2008B issued for the Southern Transmission Project (STS). At the same time, Standard&Poor's affirmed the 'A+' rating on SCPPA's parity debt outstanding. The outlook is stable. The bonds are payable from rates and charges that the participants' electrical systems provide to their service areas. The ratings reflect what Standard&Poor's believes are the following strengths: The credit quality of the six California municipal electric systems that are severally obligated to pay STS' 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
