The Alameda Corridor Transportation Authority's credit profile (senior revenue bonds rated A3 stable; subordinate and second subordinate revenue bonds rated Baa2 stable) reflects the essential role of ACTA's rail corridor in the movement of intermodal rail containers for the ports of Los Angeles (Aa2 stable) and Long Beach (Aa2 stable), which jointly own ACTA.

ACTA has an effective monopoly in serving intact intermodal rail containers entering and exiting the port complex, which has a substantial market position and handles one-third of US container volume. However, the port complex has lost share nationally and ACTA has lost share within the port complex itself. This has weakened revenues and caused ACTA to restructure debt multiple times in the last 10 years.

ACTA's credit profile is supported by obligations of the ports of Los Angeles and Long Beach to make shortfall advances for annual debt service requirements for up to 40% of ACTA's annual debt service. The contingent port shortfall obligations are backed by 12-month debt service reserve funds for all series of bonds. ACTA has demonstrated a willingness to actively manage its debt maturity profile and retains flexibility to do so further, with a large balance of callable debt and an operating agreement that extends to 2062. However, recent and contemplated restructurings will have added debt service into the back end of the operating agreement, restricting flexibility for further restructuring within the confines of the existing term (2062) and fee schedule.