S&P Global Ratings affirmed its 'A-1' short-term rating on Port of Oakland, Calif.'s series D (alternative-minimum tax), E (nonalternative-minimum tax), and F (taxable) commercial paper (CP) notes. The rating on the series D-F notes reflects credit and liquidity support from Bank of America N.A. in the form of an irrevocable direct-pay letter of credit (LOC). Under the terms of the LOC agreement, Bank of America fully supports all CP note payment obligations. The issuer is authorized to issue up to $300 million of series D-F CP notes with a maturity of 270 days. The aggregate amount of the CP notes cannot exceed the stated LOC amount, and the amounts due on the notes' maturity dates are to be funded in
