The upgrade to 'A-' from 'BBB+' of San Francisco Port Commission, Calif.'s series 1994 revenue bonds reflects the commission's: Continued improvements in coverage to an estimated 3.04 times (x) debt service in 1998, Declining debt burden, and Limited additional debt plans. These features are offset by a revenue base reliant on commercial and retail operations that are deemed more susceptible to fluctuations in the economy. The bonds are secured by the net revenues of the port, a separate enterprise of the city. The port of San Francisco has made significant improvements in its financial operations since new management assumed authority in 1993 and has begun the transition from a shipping-oriented revenue base to an increasing reliance on its tremendous commercial
