The rating on Louisiana Local Government Environment Facilities and Community Development Authority's bonds, issued for Greater Baton Rouge Port Commission, reflects: Historic volatility in port cargo activity, Relatively weak coverage with only 1.2 times (x) MADS using 1998 unaided figures, Weak legal provisions including a sufficient-only rate covenant that can apply carryover funds, Moderate competitive position, and A strong balance sheet and increasing revenues from leasing facilities that should somewhat stabilize cash flow. Bond proceeds will be used to make needed facility improvements and refund all outstanding obligations. The bonds are issued by the authority on behalf of the port commission and are secured by 'lawfully available funds' of the port under a loan agreement. The port is required to
