Standard&Poor's Ratings Services lowered its underlying rating (SPUR) on the Port of Oakland, Calif.'s senior lien revenue bonds to 'A' from 'A+'. At the same time, Standard&Poor's lowered its SPUR on the port's intermediate lien revenue bonds to 'A-' from 'A'. The outlook is stable. The lowered ratings reflect our view that a sharp downturn in airline passenger traffic at Oakland International Airport (OAK), coupled with a downturn in container traffic at the seaport may pressure the port's financial position, increase airline costs at the airport on a per-passenger basis, and lower expected debt service coverage ratios. The rating changes also reflect our view that competition for airline passengers in the region has intensified after multiple
