The 'A+' rating on the Port of Oakland, Calif.'s refunding 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 in fiscal 2002: maritime (40.9%), airport (51.4%), and real estate development (7.7%), even though, in practice, bondholders enjoy a net revenue pledge that is more heavily weighted towards maritime operations, which provided 69.4% of total net available funds for debt service in fiscal 2002; 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, capturing 27% of
