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 Today


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

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

People & Company News

DSC Dredge Receives President’s E-Star Award

DSC Dredge, LLC, based in Reserve, La., has received the 2016 President’s “E-Star” Award for exports.   In a ceremony held on May 16, 2016, at the U.S. Department

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

Portugal PM Warns Lisbon Dock Workers to End Strike

Portugal's prime minister warned Lisbon dock workers on Friday that his patience was running out after a strike that has lasted a month, paralysing the city's ports.

Ports

Portugal PM Warns Lisbon Dock Workers to End Strike

Portugal's prime minister warned Lisbon dock workers on Friday that his patience was running out after a strike that has lasted a month, paralysing the city's ports.

Gender Identity Spat Sinks Spending Bill

The rancorous political debate over sexual identity unexpectedly prompted the Republican-controlled House of Representatives to rejected an energy and water spending

Asia-N.Europe Box Freight Rates Soar 37 pct

Freight rates for shipping containers from ports in Asia to Northern Europe jumped 37 percent to $720 per 20-foot container (TEU) in the week ending on Friday,

Finance

Defense Appropriations Bill Includes $1 Bln for US Icebreaker

The U.S. Senate Appropriations Committee’s FY2017 Defense Appropriations Bill has included $1 billion in funding to accelerate construction of a new polar icebreaker for the U.

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

TT Club Reports Robust Financial Results for 2015

TT Club has announced its financial results for the year ended December 31, 2015, and AM Best affirms its A- (Excellent) rating for the 10th consecutive year.   Knud Pontoppidan,

 
 
Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0977 sec (10 req/sec)