Standard&Poor's Ratings Services affirmed its 'A-' underlying rating (SPUR) on the San Francisco City&County Port Commission, Calif.'s refunding revenue bonds. The rating reflects the port's diversity of revenue-producing uses, its low debt burden, and short debt maturity, which are offset by very large capital needs due to a history of deferred maintenance. More specifically, the rating reflects the following credit strengths: Low debt burden with a short final maturity of July 1, 2009, which is before the expiration date of most of the port's largest leases and before the planned issuance of future revenue bonds; Strong debt service coverage of 3.48x in fiscal 2007, up from a recent low of 1.47x in fiscal 2002; and Limited
