The rating on Port of Portland, Ore.'s special obligation revenue bonds reflects an irrevocable direct-pay LOC supplied by the Canadian Imperial Bank of Commerce (rated 'AA-'/'A-1+'). The LOC covers 100% of the principal amount of the bonds and up to 39 days of interest (calculated at the maximum rate) while the bonds are operating in the daily, or weekly interest rate modes. If the bonds convert to a longer interest mode (e.g., annual, flex or fixed) the Trustee is required to obtain a credit facility with sufficient interest coverage and obtain written confirmation of the ratings prior to conversion. The bonds are subject to mandatory tender based on the following occurrences: * Interest mode conversion date, * Five days prior
