Standard&Poor's Ratings Services lowered its rating on Southern California Public Power Authority (SCPPA or the authority), Calif.'s series 2008A subordinate-lien project revenue bonds, issued for the Palo Verde Project, to 'AAA/A-1' from 'AAA/A-1+'. At the same time, Standard&Poor's removed its 'AAA/A-1' rating on the series 2008B subordinate-lien project revenue bonds from CreditWatch with negative implications. The rating actions reflect the July 6, 2011, substitution of the letters of credit (LOCs) provided by JPMorgan Chase Bank N.A. (AA-/Negative/A-1+) for the series 2008A bonds and Dexia Credit Local (A/Negative/A-1) for the series 2008B bonds with a LOC provided by Citibank N.A. (AAA/A-1). The ratings will continue to reflect the application joint criteria (assuming low correlation) between the ratings
