...S&P Global Ratings revised its outlook to positive from stable on the Los Angeles Harbor Dept.'s (the Port of Los Angeles, or the port) outstanding revenue bonds while also affirming its '##' long-term rating on the port using our Global Not-For-Profit Transportation Infrastructure Enterprises (TIE) criteria. The outlook revision reflects our view that we could raise rating within our two-year outlook period if the port can maintain its historically high financial metrics and competitive position as cargo volumes begin stabilizing at more normal levels of growth, congestion issues are resolved, and we observe any material impacts of ongoing trade dispute between the U.S. and China. Currently, the Port of Los Angeles has approximately $665.7 million of bonds (all fixed rate), and no commercial paper draws outstanding. The outstanding bonds are secured by a senior lien on port net revenues. The port operates as a landlord port, whereby port container tenants perform all cargo-handling activities...
