Standard&Poor's Ratings Services assigned its 'A-1+' short-term rating to Los Angeles Harbor Department, Calif.'s $200 million commercial paper (CP) program supported by a line of credit agreement from JPMorgan Chase Bank National Association (AA-/Negative/A-1+). The rating on the CP program reflects our view of the senior-lien revenue pledge, the port's strong long-term credit quality, and liquidity support provided by a line of credit. At the same time, Standard&Poor's affirmed its 'AA' long-term rating and underlying rating (SPUR) on the port's outstanding $909 million of senior-lien revenue bonds. The long-term rating is based on our view of the port's continued strong business position and strong historical financial performance. For additional information on the port, see the full
