S&P gives A to Calif. power bonds

Standard & Poor's said it assigned an A standard long-term rating to California Department of Water Resources' $295 million of series 2008K power supply revenue bonds.

At the same time, S&P said it affirmed the A long-term ratings and underlying ratings on the department's previously issued debt.

The department will have $9.54 billion of debt outstanding as of May 8, the effective date of its recent debt restructuring.

The outlook is positive.

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