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Los Angeles Department of Water and Power, California; CP; Retail Electric; Wholesale Electric Dec 11 Product Image

Los Angeles Department of Water and Power, California; CP; Retail Electric; Wholesale Electric Dec 11

  • ID: 2043199
  • December 2011
  • Region: California
  • Standard & Poors

Abstract
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

Action: Downgraded

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.

Research Type: Full Analysis

- Los Angeles Dept of Wtr & Pwr
- Barclays Bank PLC
- U.S. Bank National Association

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