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

People & Company News

Raytheon Anschütz Opens Service Center in Panama

German navigation system manufacturer Raytheon Anschütz has established its new subsidiary Raytheon Anschuetz Panama, S. de R.L., in Panama City.   The new company,

ISS Palumbo UK Acquires Union Transport

ISS Palumbo UK, part of maritime services provider Inchcape Shipping Services (ISS), has acquired U.K. freight forwarding specialist Union Transport (Newcastle) Ltd.

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

Ports

New Survey Vessel Ordered for the Port of London

The Port of London Authority (PLA) has ordered a new purpose-built survey catamaran, a CTruk MPC19, due to enter service on the river Thames later this year.   The

Yemen Lifts Force Majeure on LNG Deliveries

Yemen on Friday lifted force majeure on liquefied natural gas (LNG) deliveries from its Balhaf plant, trading sources with knowledge of the matter said. Reuters reported last week that the 6.

Long Beach Port to Boost Power, Speed Clearance

Port of Long Beach Chief Executive Jon Slangerup on Thursday unveiled ambitious plans for congestion-beating smart systems for cargo movement and an all-out

Finance

Marquette Transportation Reportedly for Sale

Marquette Transportation Company LLC, a U.S. towboat operator, is exploring a sale that could value it at more than $1 billion and has attracted the interest of

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Europe's Offshore Wind Capacity Growing

New capacity edges down 5 pct from record 2013; industry body forecasts stable growth over 2015/6. Europe's offshore wind capacity kept up a steady rate of growth

Container Ships

Imabari Bags Order for 11 ULCCs

Imabari Shipbuilding Co., Ltd. (Imabari), with the cooperation of Marubeni Corporation, has secured newbuilding order for eleven (11) units of 20,000TEU Ultra-Large Container Carriers,

German Shipowner Worst Global Dumper -NSP

German shipowner Ernst Komrowski topped the list of the worst global dumpers with 14 end-of-life vessels sold to the beaches, according to a press release from NGO Ship-breaking Platform (NSP).

Cosco Profits Boosted by Low Fuel Prices

China Cosco Holdings ended 2014 in profitable territory, growing its net earnings by 50 percent to $56 million on the back of cost cuts, improved revenue and lower bunker fuel prices.

 
 
Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction 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: 0.2592 sec (4 req/sec)