Standard&Poor's Ratings Services affirmed its 'AA' long-term rating and underlying rating (SPUR) on the Los Angeles Harbor Department, Calif.'s senior-lien revenue bonds. The outlook is stable. The ratings are based on our view of the port's continued very strong business position, stable portfolio of assets, and excellent historical financial performance. These bonds are rated among the highest of all transportation-related bonds rated by Standard&Poor's. The ratings further reflect our view of the port's: Dominant market position as the largest U.S. container port, with strong demand for its facilities, as demonstrated by 8.2 million cargo containers handled during fiscal 2012; Excellent historical and current 3.1x debt service coverage (DSC) in fiscal 2012; Importance as a national and
