Cleveland- Cuyahoga County Port Bonds Uprated

Press Release
Thursday, December 20, 2012

Standard & Poor has raised the long-term rating on the Cleveland- Cuyahoga County Port Authority’s development revenue bonds to ‘BBB+.

The outlook is stable. In September, Standard & Poor’s upgraded the rating to BBB/Stable. The Port has since secured a new Letter of Credit (LOC) with FirstMerit Bank N.A., headquartered in Akron, Ohio. The characteristics of the new LOC were cited as the prime reason for the upgrade.

Port bonds are issued through a program that has a pooled collateral system of reserves, with the most significant one being the LOC. “This action is welcome and will translate into lower costs for borrowers, making our program even more competitive,” said Will Friedman, the Port’s President and CEO. “Our goal was to increase the rating on our Program in 2012 – and we accomplished that twice.”

The Port’s bond fund program has been an important economic development tool for the region, helping a wide range of smaller manufacturers expands their operations with new construction. Since 1997, the Port has issued bonds for 29 projects with approximately $129 million in principal. The current outstanding principal is $65.7 million.

The fixed-rate financing program benefits organizations that do not have their own investment-grade rating and rely on the Port’s to access the capital markets. It also helps entities that need to structure a transaction with multiple layers of financing. The program typically finances $1.5 million to $9 million in project costs.

The Cleveland-Cuyahoga County Port Authority operates the Port of Cleveland, a leading gateway for waterborne trade on the Great Lakes/St. Lawrence Seaway System.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

Russia Ships First Oil From Offshore Arctic Platform

President Vladimir Putin hailed Russia's first shipment of Arctic offshore oil on Friday, saying the platform decried by environmentalists will help Moscow expand its global energy markets share.

Shipping Turns From Banks to Equity Markets for Cash

Shipping companies are turning to equity markets to fill a growing funding gap, betting that investors hungry for decent returns will provide capital to a sector

Ports

Canaveral Tops State List for Sand Bypass Funding

The Canaveral Harbor Inlet Sand Bypass Project has earned the top state ranking for 2014/15 inlet management funding. As a result, Port Canaveral is expected to receive $100,

Rotterdam port's throughput almost stable

The Port of Rotterdam’s throughput in the first quarter of 2014, at 109 million tonnes, was 0.2% below the level for the corresponding period last year.Split up by goods type,

CMA CGM Strengthens Madagascar Presence

Since the creation of CMA CGM Madagascar in 2003, container shipping company CMA CGM Group has continued to develop on the island to move closer to its valued customers

Finance

Saudi SABIC Q1 Profit Falls 1.8 % On Product Prices

Profit at Saudi Basic Industries Corp (SABIC), one of the world's biggest petrochemical firms, slipped 1.8 percent in the first quarter of this year as lower

India's Reliance Q4 Sales Rise

Indian energy company Reliance Industries Ltd posted nearly flat fourth-quarter profits, in line with estimates, as a slimmer margin in its oilrefining business offset higher revenue.

Schlumberger Announces Q1 Results

Schlumberger Limited (NYSE:SLB) today reported first-quarter 2014 revenue from continuing operations of $11.24 billion versus $11.91 billion in the fourth quarter of 2013, and $10.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
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: 0.0963 sec (10 req/sec)