Summary: South Carolina Public Service Authority; CP; Note; Wholesale Electric Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services has assigned its 'AA-' rating to South Carolina Public Service Authority's (Santee Cooper) proposed $132.36 million series 2011C refunding bonds. The bonds are payable from the authority's retail and wholesale electric system's net revenues. The utility plans to use proceeds to refund a portion of debt outstanding. At the same time, Standard & Poor's affirmed its 'AA-' rating on Santee Cooper's existing parity long-term revenue bonds, its 'SP-1+' short-term rating on the authority's 2011A senior-lien LIBOR index bonds that mature within the next three years, and its 'A-1+' short-term rating on the utility's subordinate lien commercial paper. The outlook on the long-term ratings is stable. The ratings reflect our view of the following credit strengths:...

Companies mentioned in this report are:
- South Carolina Pub Svc Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- South Carolina Pub Svc Auth

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