S&P Global Ratings raised its long-term rating to 'AA+' from 'AA' on the Los Angeles Harbor Dept.'s (the Port of Los Angeles, or the port) revenue bonds outstanding. The upgrade reflects our view of the port maintaining its historically high financial metrics and extremely strong competitive position during the COVID-19 pandemic; and that trade tensions with China have not resulted in weaker financial performance, and supply chain disruptions and congestion have somewhat subsided, thereby mitigating operational challenges. The outlook is stable. The bonds outstanding are secured by a senior lien on port net revenues. The Port of Los Angeles operates as a landlord port; port container tenants perform all cargo-handling activities and pay the department tariff charges pursuant to long-term
