Freight News, Sea

“A” Rating for Port Canaveral

[ April 5, 2016   //   ]

As Port Canaveral progresses with its $244 million capital program budgeted this year to upgrade its cruise and cargo facilities, Fitch Ratings affirmed an ‘A’ ranking for $13 million of outstanding revenue bonds, series 2006 A&B, and declared all Canaveral bonds as ‘stable.’ Canaveral Port Authority has $184 million of unrated debt obligations.
According to Fitch, the rating is attributed to Port Canaveral’s established operating history, cost management, sustained tourism-related revenue growth and corresponding favorable operating contracts. The agency also cited the Port Authority’s aggressive, but flexible, capital program which utilizes borrowing against their current line of credit. Conservative debt, modest leverage, and strong coverage metrics were deemed as credit strengths.
During 2015, Port Canaveral completed a record $184 million in capital projects.