Port of Oakland, CA's 2017D-G Intermediate-Lien Bonds Rated 'A'; Other Ratings Affirmed

CHICAGO (S&P Global Ratings) June 1, 2017--S&P Global Ratings has assigned its 'A' rating to the Port of Oakland, Calif.'s $259.3 million series 2017 D-G intermediate-lien refunding revenue bonds. At the same time, S&P Global Ratings affirmed its 'A+' rating and underlying rating (SPUR) on the port's senior-lien revenue bonds and affirmed its 'A' SPUR on the port's intermediate-lien revenue bonds. The outlook is stable. "The ratings reflect what we view as the diversity of the port's business operations and revenues securing the bonds," said S&P Global Ratings credit analyst Kevin Archer. We believe other credit strengths include: A good service area for both the seaport and the airport; and Management's efforts to reduce expenses, increase unrestricted cash balances, and

...CHICAGO (S&P Global Ratings) June 1, 2017--S&P Global Ratings has assigned its 'A' rating to the Port of Oakland, Calif.'s $259.3 million series 2017 D-G intermediate-lien refunding revenue bonds. At the same time, S&P Global Ratings affirmed its 'A+' rating and underlying rating (SPUR) on the port's senior-lien revenue bonds and affirmed its 'A' SPUR on the port's intermediate-lien revenue bonds. The outlook is stable. "The ratings reflect what we view as the diversity of the port's business operations and revenues securing the bonds," said S&P Global Ratings credit analyst Kevin Archer. We believe other credit strengths include: + A good service area for both the seaport and the airport; and + Management's efforts to reduce expenses, increase unrestricted cash balances, and scale down the capital program to improve financial margins. Our view of the following partially offset these credit strengths: + Continued competition from San Francisco International Airport, which has increased...

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