The San Francisco Port Commission was recently removed from CreditWatch with negative implications after Standard & Poor's Corp. downgraded the port's $531 million of revenue bonds to BBB-plus from A-minus.

Standard & Poor's said the rating was cut because of "reduced autonomy and increased competitiveness." The rating agency said Senate Bill 844, which was signed into law last year and permits money to be transferred from ports to cities over a two-year period, was also a factor in the rating change.

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