DP World Rating Upgraded by Fitch
Fitch Ratings recently upgraded DP World Limited’s Long-Term Issuer Default Rating (IDR) to BBB from BBB- and its Short-Term IDR to F2 from F3. The rating outlook is stable. The upgrade follows on the Fitch announcement in November 2015 that DP World’s outlook had been revised to Positive from Stable. It reflects the global trade enabler’s strong performance and stable cash flow generation supported by its geographical diversification, high utilisation rate of terminals and the long-term maturity of its main flagship operation in Jebel Ali, Dubai, UAE. Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “We are delighted…
Moody’s Upgrades Port Canaveral’s Bond Rating
Moody’s Investors Service has upgraded Canaveral Port Authority’s $30.2 million in outstanding revenue bonds to A2 from A3 and rated its financial outlook stable. The upgrade was attributed to low leverage, cruise growth, stable finances and proactive capital plan management. Port Canaveral’s five-year capital plan totals nearly $600 million, which will be financed with a combination of grants, matching funds, cash flow and unrestricted cash balances. The major current project is a new cruise terminal for Royal Caribbean, which is paying half of the $105 million total cost.
Fitch Grade Port of Long Beach TIFIA Loan 'AA-'
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…
Transportation Outlook Stable, Declares Fitch
The 2014 outlook for airports, ports, and toll roads is stable despite tepid growth, according to a new Fitch Ratings report. 'The growing use of Public Private Partnership, or P3, transactions to construct new or expand existing projects is largely motivated by limited resources at the state and local level, combined with uncertainty on future federal funding levels,' said Scott Zuchorski, Director in the Global Infrastructure Group. The outlook for U.S. ports remains stable for 2014, with flat to modest improvements in port throughput and largely stable revenue profiles expected.
Harvey Gulf Announce $1 Billion Credit Facility
New Orleans based Harvey Gulf International Marine CEO Shane Guidry announced his company’s first public rating from Moody’s for a new $1 billion credit facility. Harvey Gulf CEO, Shane Guidry, said the rating will help increase the company’s EBDITA to over $500 million in 2016, through additional new builds and acquisitions. Moody's Investors Service assigned a first time corporate family rating (CFR) of B1 to HGIM Corp (Harvey), and a B1 rating to the company's proposed credit facility consisting of $250 million revolver and $750 million Term Loan B.
Boskalis Conclude Good Quarter, Raise Earnings Outlook
Dutch dredging & marine specialists, Royal Boskalis Westminster N.V. (Boskalis) report revenue & profit higher than in the first half of 2012. The order book increased in recent months and stood at a new record high of EUR 4 billion at the end of the third quarter. Based on current insights, the second half of the year is expected to be strong with a high workload and good results anticipated on a number of dredging projects in progress and close-out results. Boskalis is now expecting net profit to amount to around EUR 230-245 million in 2012. Based on current insights, the second half of the year is expected to be strong with a high workload and good results anticipated on a number of dredging projects in progress and close-out results.
Boskalis Reports Record Revenue & Order Book
Dredging & maritime works specialists Royal Boskalis Westminster N.V. reports a 12% increase in revenue in first half year report 2012. Royal Boskalis Westminster N.V. (Boskalis) reported a 12% increase in revenue in the first half of the year to EUR 1.4 billion (first half of 2011: EUR 1.25 billion). Organic revenue growth was 5%. Net profit declined to EUR 102.5 million (first half of 2011: EUR 114.1 million). Compared to the end of 2011 the order book increased and stood at EUR 3,753 million (end-2011: EUR 3,489 million). The first half year EBITDA amounted to EUR 255 million and the operating result (EBIT) equaled EUR 146 million (first half of 2011: EBITDA: EUR 277 million, EBIT: EUR 163 million).
Fitch Affirms SEACOR Holdings' IDR at 'BBB-'; Outlook Stable
--Senior unsecured notes at 'BBB-'. The Rating Outlook is Stable. Approximately $700 million in total debt is outstanding at SEACOR. SEACOR's ratings are supported by the company's historically stable credit profile, diversity of operations, and the size, diversity and quality of the company's fleet of offshore vessels. The company's conservative credit profile is further supported by management's willingness to maintain large cash and securities balances throughout industry cycles, which have resulted in the company typically maintaining very low (and often negative) leverage levels as measured on a net debt basis. In addition, management retains significant flexibility to reduce capital expenditure levels during industry downturns.
