Standard&Poor's Ratings Services changed its rating to 'A-1+' from NR on the Port of Oakland, Calif.'s commercial paper (CP) notes, series A, B, and C. Standard&Poor's also raised its rating on the port's series D, E, and F CP notes to 'A-1+' from 'A-1'. The rating action on series A, B, and C is based on the substitution of a letter of credit (LOC) from Wells Fargo Bank, South Dakota (AA/A-1+) on the notes for LOCs from BNP Paribas (AA/A-1+) and Lloyd's TSB Bank PLC (A+/A-1). The rating action on series D, E, and F is based on the substitution of an LOC from JPMorgan Chase Bank N.A. (AA-/A-+) on the notes for LOCs from BNP
