Summary: Sacramento Mun Util Dist, CA; Public Finance Structured, Letter of Credit; Utility, Retail Electric Nov 05

Standard & Poors, November 2005

Abstract
CVFA Carson Cogeneration Project 'BBB/Stable' SCA Procter & Gamble Cogeneration Project 'BBB/Stable' $295.6 million SPA Campbell Soup Cogeneration Project 'BBB/Stable' TANC California-Oregon Transmission Project $112.84 million (TANC, unlike the other projects, is not consolidated into SMUD's accounts) 2005 $67.17 million 2006 $85.16 million 2007 $98.39 million 2008 $88.23 million 2009 $79.65 million Thereafter $2,082.99 million Collateralization: SMUD's electric revenue bonds are secured by a lien on system net revenues. The senior and subordinate bonds have slightly different legal covenants. Commercial Paper has a lien subordinate to the subordinate revenue bonds. $205 million LOC for CP purposes; $200 million is outstanding against this line as of Nov. 16, 2005. May 2004 'A/Stable' June 2003 'A/Stable' July 2002 'A/Stable' August 2001 'A/Stable'...

Companies mentioned in this report are:
- Sacramento Mun Util Dist

Action: Affirmed

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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.

- Sacramento Mun Util Dist

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