The 'A+' rating on the Port of Oakland, Calif.'s bonds reflects the following credit strengths: Revenue diversity provided by a gross pledge of all port monies, which includes maritime, airport, and real estate development revenues; A competitive position as an important provider of airport service in the Bay Area and advantageous airline agreements which, although mostly residual in nature, allow the port to retain all parking revenue; The port's role as the principal provider of maritime facilities for Northern California, including a larger export business (59%) than import business (41%); and Historical combined debt service coverage of over 2.0 times (x), which mitigates the erosion of current bondholder security as the port proceeds to issue approximately $750 million in additional
