Los Angeles Harbor Department, California; Ports/Port Authorities

S&P Global Ratings affirmed its 'AA' long-term rating on the Los Angeles Harbor Department (the Port of Los Angeles, the issuer, or the port), Calif.'s underlying rating (SPUR) on the port's debt outstanding using our U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises (TIE) criteria. The rating reflects our opinion of the port's extremely strong enterprise risk profile and very strong financial risk profile. The outlook is stable. The extremely strong enterprise risk profile reflects our view of the port's size and essentiality to the national economy as well as the strength of its economic service area, its capacity for growth, and its capable and experienced management team. These strengths are partly offset, in our opinion, by the nature of the

...S&P Global Ratings affirmed its '##' long-term rating on the Los Angeles Harbor Department (the Port of Los Angeles, the issuer, or the port), Calif.'s underlying rating (SPUR) on the port's debt outstanding using our U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises (TIE) criteria. The rating reflects our opinion of the port's extremely strong enterprise risk profile and very strong financial risk profile. The outlook is stable. The extremely strong enterprise risk profile reflects our view of the port's size and essentiality to the national economy as well as the strength of its economic service area, its capacity for growth, and its capable and experienced management team. These strengths are partly offset, in our opinion, by the nature of the port sector's business, which is dependent on factors outside of the port's control, such as service decisions by shipping lines, economic cycles, and competitive pressures from other ports and transportation services....

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