S&P Global Ratings' long-term rating on the Port of Oakland, Calif.'s senior-lien revenue bonds is 'A+', and its long-term rating on the port's intermediate-lien revenue bonds is 'A'. The outlook is stable. Port revenue, which includes a diverse mix of operating revenue from San Francisco Bay Oakland International Airport (OAK; 49.1% of fiscal year 2024 budgeted operating revenues), the maritime port (41.3%), utilities (6.0%) and the commercial real estate divisions (3.6%), secures the senior-lien bonds. Revenue after the payment of debt service on the senior-lien bonds and any state Department of Boating and Waterways loans secures the intermediate-lien bonds. The debt service reserve requirement for the senior-lien bonds is 100% of average annual debt service, which is currently cash-funded at
