Marine Link
Friday, December 9, 2016

Fitch Ratings Upgrades Port’s Bond Rating

September 6, 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.


 
Maritime Reporter Magazine Cover Nov 2016 - Workboat Edition

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News