Port of L.A. Given “AA” Bond Rating

MarineLink.com
Monday, August 26, 2013

As evidence of its continued strong financial position and overall stability, the Port of Los Angeles has been affirmed an “AA” long-term bond rating by Standards & Poor’s (S&P). “AA” is the highest rating given to a port without taxing authority.

“Achieving the highest possible bond rating is a direct reflection of the Port’s unrelenting focus on smart, long-term planning and careful oversight,” said Port Deputy Executive Director of Finance and Administration Molly Campbell.  “Maintaining this superior level of financial performance is an important aspect of our strategic objectives.”

S&P cited the Port’s continued very strong business position, stable portfolio of assets and excellent historical financial performance as factors contributing to the top rating. 

Other factors noted were the Port’s dominant position as the largest U.S. container port and the strong demand for its facilities, demonstrated by its handling of 8.2 million cargo containers during fiscal year 2012/2013.  Also cited was the Port’s importance as a transportation hub for local, national and international trade, as well as its excellent historical and current debt service coverage, particularly related to strong indenture provisions related to issuance of additional debt.

The Port of Los Angeles has maintained an “AA” rating with S&P since 1995. The Port also maintains high ratings from two other bond rating services, Moody’s Investors Service (Aa2), and Fitch Ratings (AA). Revenue Bonds are issued by the Port to finance capital improvement projects.

portoflosangeles.org
 

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

People & Company News

Aberdeen Pupils Peek into Subsea Oil & Gas Technology

Pupils at an Aberdeen primary school were given a rare insight into the depths of the oil and gas industry’s subsea sector after getting to sit in the driving

AVEVA, DNV GL's Sesam Integration Cuts Cost

Integration of Aveva and DNV GL's Sesam Reduces Costs in Maritime and Offshore Engineering. Engineers designing ship hulls and offshore floaters can now save

FORAN for Pertamina's Future Ships

FORAN has been chosen by state-owned company PERTAMINA to review the design of their future oil product carrier ships, under construction in a shipyard with the FORAN System.

Ports

3D Printing in Rotterdam Port

Is 3D printing just a hype? Or is it really possible to print spare parts for ships that can actually withstand the requirements set for the often "rough" working

Caltex Replaces Australian Crew

The 36 Australian crew members of an Caltex tanker refusing to set sail after they were told their jobs would be gone after the next run. MR tanker Alexander Spirit (40,

Mombasa Port Workers End Strike

Mombasa, Kenya port workers end strike and returned to work on Friday after being warned they could lose their jobs, reports Reuters.   However the members of

Finance

Grimaldi Orders Three PCTCs

After signing an order for the construction of five new ships two weeks ago, the Italian shipowner  Grimaldi Group has signed another contract for the construction

Caltex Replaces Australian Crew

The 36 Australian crew members of an Caltex tanker refusing to set sail after they were told their jobs would be gone after the next run. MR tanker Alexander Spirit (40,

Teekay LNG Partners Declares Distribution

Teekay GP LLC, the general partner of Teekay LNG Partners L.P. has declared a cash distribution of $0.70 per unit for the quarter ended June 30, 2015. The cash distribution is payable on August 14,

Container Ships

Record Bulk Shipping Demolition Rates in 1H15

Monthly demolition rates in the dry bulk shipping sector averaged 3.3 million DWT for 1H15, according to new figures from BIMCO, compared to 1.3 million DWT last year.

Is It Too Late To Tangle With Spike in Shipping Market

A series of interesting and extreme price spikes is going on in the shipping market today, says Clarksons, provider of global shipping and offshore market intelligence.

Greek Shipping Mulls Cyprus Move

Greek shipping companies are looking into moving to Cyprus due to the instability and uncertainty in Greece, it emerged, reports Cyprus News Agency.   The director

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pipelines Pod Propulsion Port Authority Ship Repair Sonar Winch
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: 0.1758 sec (6 req/sec)