The rating affirmation on San Francisco Port Commission, Calif.'s bonds reflects the following credit strengths: The commission's successful efforts to improve its financial margins and overall management systems, A significant 29% overall increase in commercial and industrial revenues between 1993 and 1999, and Low debt burden with final maturity in 2009 and no additional debt anticipated in the near term. Offsetting factors include concentration in operating revenues from commercial and retail sources (86% or $36.7 million in 1999), which are more susceptible to fluctuations in the local economy, and a lack of flexibility to implement timely rate increases due to fixed lease terms. The bonds are secured by the net revenues of the port, a separate enterprise of the city.
