S&P; Not Likely to Boost Port of L.A. Rating
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The Port of Los Angeles, the busiest shipping terminal in the U.S., is unlikely to win a higher credit rating from Standard & Poor’s on $748 million of bonds because the port might be a target for a terrorist attack.
Standard & Poor’s lowered its outlook on the port’s bonds to “stable” from “positive,” suggesting that the credit rating company doesn’t expect to boost the rating. With a credit rating of AA, the third highest grade, the Los Angeles port still carries a higher rating than any rival harbor in the U.S., said Mary Ellen Wriedt, an analyst with S&P.;
“You’re looking at operational risks in a new light post- Sept. 11,” she said. “It wasn’t a reflection on any sort of performance at the port.”
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