Standard&Poor's Ratings Services affirmed its 'A+' rating and underlying rating (SPUR) on the Port of Oakland, Calif.'s senior-lien revenue bonds and affirmed its 'A' SPUR on the port's intermediate-lien revenue bonds. The outlook is stable. The ratings reflect what we view as the following credit strengths: The port's diversity of business operations and the revenues securing the bonds; A good service area for both the seaport and the airport; and Management's efforts to reduce expenses, increase unrestricted cash balances, and scale down the port's capital program to improve financial margins. These strengths are partially offset by our view of: Past declines in airline service and passengers at Oakland International Airport (OAK); Continued competition from San Francisco International Airport
