The 'A+' rating on the Port of Oakland, Calif.'s revenue bonds reflects the following credit strengths: Revenue diversity provided by a gross pledge of all port money, which includes the following revenues as a percentage of gross revenues: maritime (39.5%), airport (52.3%), and real estate development (8.2%), even though, in practice, bondholders enjoy a net revenue pledge that is more heavily weighted towards maritime operations, which provides 59.9% of total net available funds for debt service; The port's role as the principal provider of maritime facilities for Northern California, and the stability of local exports; The port's competitive position as an important provider of airport service in the Bay Area, as it captures 27% of all Bay Area origin and
