The rating on Louisiana Local Government Environmental Facilities and Community Development Authority's bonds, issued for the St. Bernard Port Harbor and Terminal District, reflects the following risks: Dependence on revenues derived from relatively short-term facility leases of five years or less, mitigated in part by the port's success to date in renewing such leases; Concentration of existing leases, as the top four generate 75% of fiscal 2000 pro forma lease revenues and approximately 50% of total district revenues; A highly competitive environment compared to other southern Mississippi River and gulf ports in the region; and Permissive legal provisions including a sufficient-only rate covenant that can apply carryover funds. Offsetting these risks are: A short, but positive history of growing operations
