SAN FRANCISCO (Standard&Poor's) Oct. 1, 2002 -- The financial repercussions on major West Coast ports rated by Standard&Poor's Ratings Services are expected to be minor as the third day of the employee lockout continues with the possibility of federal intervention more likely. Most West Coast ports operate primarily as landlord ports, as opposed to operating ports, with most docks, wharves, transit sheds, and terminals assigned to shipping or terminal companies, agents, or other private firms that guarantee minimum revenues regardless of cargo volumes. A landlord port typically enters into long-term agreements with customers for a specific amount of rent and also may use minimum annual guarantees (MAGs), which assure a base level of rent. As most
