Standard & Poor's Ratings Services has affirmed its 'AA-' rating on Los Angeles Department of Water and Power (LADWP), Calif.'s power system revenue bonds, and its 'A-1+' short-term rating on the utility's $200 million power system revenue commercial paper (CP) notes. The outlook on the long-term rating is stable. At the same time, Standard & Poor's lowered its short-term rating on the series 2002A1, A2, A4, and A8 bonds to 'A-1' from 'A-1+', reflecting the short-term rating on the bank providing liquidity for those series (JPMorgan Chase Bank N.A.). We lowered our short-term rating on the bank to 'A-1' from 'A-1+', when we downgraded the bank to 'A+' from 'AA-' Nov. 29, 2011. (For more information on the JPMorgan downgrade,...
Companies mentioned in this report are:
- Los Angeles Dept of Wtr & Pwr
- Barclays Bank PLC
- U.S. Bank National Association
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