The 'A-1+' rating on Los Angeles Harbor Department, Calif.'s CP notes reflects the general creditworthiness of the department. The CP notes are secured on parity with the department's senior-lien debt, which is rated 'AA'/Positive by Standard & Poor's. The department is providing liquidity for its CP note program through a revolving credit agreement provided severally by a consortium of three German banks, all of which have short-term ratings of 'A-1'-plus from Standard & Poor's. The rating on the CP notes is not based on the banks' ratings due to the nature of the credit agreement, which includes adverse change clauses permitting automatic termination of the facility prior to payment of outstanding CP. The maximum principal amount of CP notes outstanding
