Fitch Grade Port of Long Beach TIFIA Loan 'AA-'

By George Backwell
Wednesday, May 21, 2014
Port of Long Beach:Photo courtesy of POLB

Fitch Ratings has assigned an 'AA-' rating to the Port of Long Beach's $325 million TIFIA loan agreement, issued by the city of Long Beach, California for the Gerald Desmond Bridge Project, according to 'Business Wire'. The Rating Outlook is 'Stable'.

The rating on the TIFIA loan reflects the subordinate claim on gross revenues, together with the port's strong market position as the second largest U.S. container port, with resilient revenues stabilized by long-term contractual guarantees that are sufficient to cover both the port's outstanding senior debt obligations and the subordinate TIFIA loan.

Going forward, contractual guarantees are expected to continue to provide revenue stability as the port proceeds with expected future borrowing for its sizable long-term capital improvement plan (CIP). This plan, while costly, will help ensure the port's competitive position going forward. Strong financial metrics and considerable liquidity expected throughout execution of the CIP help support the port's rating.

Fitch also maintains ratings on the Port of Long Beach's outstanding senior lien harbor revenue and refunding bonds, which are rated 'AA' with a Stable Outlook.

For more information on Fitch's view of outstanding senior lien obligations, please see 'Fitch Affirms Port of Long Beach, CA's Harbor & Rfdg Revs at 'AA'; Outlook Stable' dated April 2, 2014, and 'Fitch Rates Port of Long Beach, CA's Harbor & Rfdg Revs and Rev Notes at 'AA'; Outlook Stable' dated April 15, 2014.

Both reports are available at www.fitchratings.com.
 

Maritime Reporter February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

ThyssenKrupp Says Submarines Part of Growth Story

Germany's Thyssenkrupp sees its submarine business as making an important contribution to its growth targets, the head of its Industrial Solutions business area said on Tuesday.

Two Newbuilds Delivered to Star Bulk

Star Bulk Carriers Corp. took delivery on February 27 of M/V Honey Badger (ex HN NE 164) and M/V Wolverine (ex HN NE 165), two 61,000 dwt Ultramax bulk carriers

Brazil Truck Strike Diminishes

Some truck drivers in Brazil continued blocking roads on Tuesday, slowing grains deliveries to southern ports, even as adherence to the strike diminished and a

Ports

First Ship to Load Soy at Tegram Bound for China

The first ship to load soybeans from the new Tegram terminal in the northeastern port of Ponta Madeira in Sao Luis, Brazil, will berth on March 10, local shipping agents Cargonave said on Tuesday.

Brazil Truck Strike Diminishes

Some truck drivers in Brazil continued blocking roads on Tuesday, slowing grains deliveries to southern ports, even as adherence to the strike diminished and a

Hike in Service Tax at Indian Ports

The Indian Ministry of Finance has advised an increase in service tax and applicable at all ports. The effective date has not yet been announced. The rate

Finance

Shipping Industry Faces Shake Up

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate

Gulf of Mexico Oil Production on the Rise

Because of the long timelines associated with Gulf of Mexico (GOM) projects, the recent downturn in oil prices is expected to have minimal direct impact on GOM crude oil production through 2016.

Vessel Sales: February 2015

Vessel sales for February 2015  - (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built -  - (Age)

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.2416 sec (4 req/sec)