The SPUR ratings on the Port of Oakland, Calif.'s revenue bonds reflects the following strengths: * A diverse service area economy; * A balanced revenue stream (aviation 46%, maritime 46%, and commercial real estate 8.3%); and * Positive financial and operating performance of its divisions. Offsetting factors include: * An ambitious, but necessary, five-year, $1.3 billion capital program that is about 50% debt financed; * The competitive environment in which each division operates; and * A marginally unprofitable commercial real estate division. The bonds are secured by net revenues of the port, and proceeds will refund outstanding indebtedness and fund capital improvements. Oakland International Airport's share of Bay Area origination and destination domestic passengers has increased and total enplaned passengers
