Standard&Poor's Ratings Services affirmed its 'A+' underlying rating (SPUR) on the Port of Oakland, Calif.'s $1.4 billion outstanding senior lien revenue bonds. The rating on the port's bonds is primarily based on the diversity of the revenue base. Specific credit strengths include: Revenue diversity provided by a gross pledge of all port money, which includes the following revenues as a percentage of gross revenues in fiscal 2004: maritime (42.8%), airport (52.1%), and commercial real estate (5.1%), even though, in practice, bondholders have a net revenue pledge that is more heavily weighted toward maritime operations, which provided 72.3% of net operating revenues in fiscal 2004; The port's role as the principal provider of maritime facilities for Northern California, and
