Fitch Ratings Upgrades Port’s Bond Rating

Friday, September 06, 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.

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