S&P Global Ratings affirmed its 'A' long-term rating on the San Francisco City&County Port Commission, Calif.'s revenue bonds, issued for the Port of San Francisco. The outlook is stable. The rating is based on our view of the port's: Historically strong and stable financial performance, with operating revenue growth in each of the past five years (averaging about 7%), including 5% for audited fiscal 2016 to $101 million; Strong all-in debt service coverage (DSC) of 4.6x in audited fiscal 2016, 4.4x in audited fiscal 2015, and no less than an estimated 4.5x through fiscal 2021; Strong liquidity position, with unrestricted cash and investments totaling $131 million, or 711 days' operating expenses, at fiscal year-end 2016, although we anticipate
