NEW YORK (Standard&Poor's) July 20, 2004--Standard&Poor's Ratings Services affirmed the 'A-' rating on the San Francisco (Calif.) City&County Port Commission's senior revenue bonds. The outlook is stable. The rating reflects the port's strong competitive position in the San Francisco real estate market, its low debt burden and short debt maturity, and its susceptibility to local economic downturns. Credit strengths supporting the rating include limited competition for the port's real estate properties, low debt burden with a short debt maturity occurring in 2009, and no additional debt requirements under the current capital plan. Credit concerns that offset these strengths include, among others, declines in debt service coverage from over 3x in fiscals 1998-2001 to 1.83x
