Standard&Poor's Ratings Services confirmed its 'A-1' rating on Los Angeles Harbor Department, Calif.'s series A-1, series C-1, and taxable series D-1 commercial paper notes. The confirmation follows our review of an amendment to the line of credit agreement provided for the notes by Mizuho Bank Ltd. (A-1), effective Aug. 25, 2015. Among other changes, the amendment extends the line of credit expiration date to Aug. 24, 2018 (from July 23, 2015) and increases the principal coverage component to $200 million. We understand the agreement covers the notes issued for up to $200 million of principal and 270 days' interest at the maximum 12% interest rate. In our opinion, the amended note documents are consistent with our criteria. The
