Fitch Ratings Upgrades Port’s Bond Rating

Monday, September 09, 2002
Fitch Ratings, an international credit rating firm, recently announced it has upgraded the Canaveral Port Authority $61 million of outstanding debt from “A-“ to “A” and assigned the “A” rating to the Authority’s proposed refunding issue. The agency cited the Port’s strong financial operations from increased cruise activity as well as the Port’s modest capital program and strong management team as part of the basis for the upgrade.“We are pleased that Fitch Ratings recognizes our sound business practices and planning,” says Donald Molitor, Secretary/Treasurer of the Canaveral Port Authority Board of Commissioners. The ratings upgrade will help lower the interest rates on the current refinancing. The proposed savings and restructuring will allow the Port to add up to $9 million of new money without changing its current debt service requirement or extending the maturities of the existing bonds. The additional money will help finance the construction of additional parking spaces, a facility for Immigration and Naturalization Services, a baggage conveyor system and pier improvements at Cruise Terminal 10, and a dredging project in the Port’s west turning basin.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Baltic Index Rises on Increased Demand Across Segments

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Thursday on higher demand across all vessel segments.

PALFINGER Finalizes Harding Acquisition

The PALFINGER Group closed the acquisition of 100 percent of the shares in Herkules Harding Holding AS, i.e. the globally operating Harding Group, supplier of lifesaving

Beijing Slams South China Sea Court Proceedings

Permanent Court of Arbitration ruling set for July 12. An international court said it would deliver a hotly anticipated ruling in the Philippines' case against

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0581 sec (17 req/sec)