S&P Global Ratings affirmed its 'A' rating 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 is stable. Net revenue of the port secures the bonds outstanding. At fiscal-year end 2024, the port had $66.5 million in debt outstanding, including $36.7 million in senior-lien revenue bonds, $24.0 million in subordinate payment obligations related to certificates of participation issued by the city and county in 2013, and $5.7 million in a subordinate state loan. The nonrevenue bond debt is subordinate to the series 2020 and 2014 revenue bonds. Our financial risk profile assessment considers both senior and subordinate obligations in our evaluation of debt
