Summary: San Francisco City and County Port Commission; Ports/Port Authorities

S&P Global Ratings revised the outlook to stable from negative and affirmed its 'A' long-term rating and underlying rating (SPUR) on the San Francisco City and County Port Commission's revenue bonds outstanding, issued for the Port of San Francisco (the port or port commission). The outlook revision reflects our expectation that generally recovered activity and revenue performance will continue to support the port's strong financial risk profile incorporating the very large capital plan and deferred maintenance. Net revenue secures the bonds. We believe bond provisions, including a 1.3x debt service coverage (DSC) rate covenant, provide adequate protection to bondholders. Funds in a rate stabilization fund can be included as revenue, but net revenue must provide at least 1.0x DSC. The

...+ S&P Global Ratings revised the outlook to stable from negative and affirmed its 'A' long-term rating and underlying rating (SPUR) on the San Francisco City and County Port Commission's revenue bonds outstanding, issued for the Port of San Francisco (the port or port commission). + The outlook revision reflects our expectation that generally recovered activity and revenue performance will continue to support the port's strong financial risk profile incorporating the very large capital plan and deferred maintenance....

Summary