Moody's rates Southern California Power project bonds

Moody's Investors Service said it assigned ratings to about $2 billion of revenue bonds issued for various separately secured projects of the Southern California Public Power Authority (SCPPA).

Moody's said it gave an Aa3 rating to $874.12 million of outstanding SCPPA Southern Transmission System revenue bonds; an Aa3 to $18.77 million of Hoover Hydroelectric Project revenue bonds; an A2 to $167,915,000 of San Juan Project revenue bonds; an A2 to $42,553,000 multiple project revenue bonds; an Aa3 to $218.32 million of Mead-Adelanto revenue bonds (including series 2004 A auction rate securities); an Aa3 to $68,655,000 of Mean-Phoenix revenue bonds (including series 2004 A-auction rate securities); an A1 to $368,959,000 of Magnolia Project revenue bonds; an Aa3 on $81.61 million of Natural Gas Project (Anaheim) revenue bonds; an A1 on $45.56 million of Natural Gas Project (Burbank) revenue bonds; and an A2 on $16,325,000 of Natural Gas Project (Colton) revenue bonds.

Moody's also said it upgraded the rating on SCPPA's Palo Verde Project revenue bonds to A1 from A2, based partly on the strengthening of the underlying credit quality of the SCPPA participants. The underlying credit quality of the project participants is Aa3.

The outlook on all of the individual project revenue bonds is stable.

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