The 'A-1+' rating on the Port of Oakland, Calif.'s CP notes, series D, E, and F, was affirmed based on the substitution of the LOC from BNP Paribas ('A-1+') and Lloyd's TSB Bank PLC ('A-1+') for the existing LOC from JP Morgan Chase Bank ('A-1+') and Bank of America NA ('A-1+') on Aug. 23, 2005. Outstanding CP supported by the Chase Bank and Bank of America LOC will retain that coverage until it matures on Aug. 29, 2005. Subsequent to that, any CP will be supported by the new LOC. The LOC will be issued in an amount to cover $300 million in principal and 90 days of interest calculated at 12%. BNP Paribas has assumed 50% of the commitment
