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

People & Company News

LNG America Selects Topside Designer for LNG Bunker Barge

LNG America has selected Taylor-Wharton to commence the front-end engineering and design work for the cryogenic topside of the company’s 3,000 cubic meter Gemini

MN 100: BAE Systems Ship Repair

750 W. Berkley Avenue Norfolk, VA 23523 Tel: (757) 494-4674  Email: john.measell@baesystems.com Website: www.baesystems.com/shiprepair President: William Clifford The Company: BAE Systems,

Signet Tows Aircraft Carrier on Final Voyage

The final voyage of aircraft carrier USS Saratoga begins today. From the Eastern Hemisphere to the Western Hemisphere, the USS Saratoga has made her mark around the globe,

Ports

Second Tanker Awaits Lifting Opportunity at Libya Port

A second tanker is waiting to load oil at Libya's Es Sider port, state-run National Oil Corp (NOC) said on Thursday, as the country's biggest crude export terminal

UK's Condor Buys Austal 102 Fast Ferry

Condor Ferries says it has completed purchase of the Austal 102, a state-of -the-art high speed ferry which will operate between the Channel Islands and the UK.

Water Monitoring to Continue at Western Gulf Ports

A water monitoring network that helps keep port traffic moving is the responsibility of the Conrad Blucher Institute (CBI) for Surveying and Science at Texas A&M University-Corpus Christi.

Finance

The World's Most Expensive Jones Act Tanker

The series highlighting the world's most expensive active vessels from online ship intelligence and information service VesselsValue.com focuses this week on the most expensive tanker vessel,

Lithuania Inks First Statoil LNG Deal

Lithuania seeks to cut dependence on Russia; Statoil to supply 0.54 bcm of gas per year. This will cover about 20 pct of Lithuania's demand. Lithuania signed

DNO Eyes First Kurdistan Crude Shipment

Norwegian firm DNO expects its first shipment of oil from Kurdistan to be sold on the international market by the end of the year and said it was committed to its

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
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: 0.1950 sec (5 req/sec)