S&P Global Ratings assigned its 'A-1' rating to Port of Oakland, Calif.'s series A (alternative-minimum tax), series B (nonalternative-minimum tax), and series C (taxable) commercial paper (CP) notes. Currently, there are no CP notes outstanding. Prior to the last note maturity, the rating on the CP reflected the letter of credit (LOC) provided by Wells Fargo Bank N.A. However, the rating on the series A-C notes currently reflects the credit and liquidity support that Bank of America N.A provides in the form of an irrevocable direct-pay LOC. The LOC fully supports all CP note payment obligations. The effective date of the Bank of America LOC is June 13, 2016. The issuer is authorized to issue up to $150 million of
