SAN FRANCISCO (Standard&Poor's) Oct. 29, 2001--Standard&Poor's today assigned its 'A-1'-plus rating to the Los Angeles Harbor Department, Calif.'s $375 million in CP notes series A, B, and C. The notes are scheduled to sell Nov. 1, 2001. The rating reflects the general creditworthiness of the department. The CP notes are secured on parity with the department's senior-lien debt, which is rated double-'A' (positive outlook) by Standard&Poor's. The department is providing liquidity for its CP note program through a revolving credit agreement provided severally by a consortium of three German banks, all of which have short-term ratings of 'A-1'-plus from Standard&Poor's. The rating on the CP notes is not based on the banks'
