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 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

Danish Maritime Days Themes Announced

Four themes at this year’s Danish Maritime Days will highlight some of the most important challenges and opportunities which the global maritime industry is facing, organizers said.

CMA CGM Proceeds with NOL Takeover after China Okay

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China,

Singapore Exchange in Talks to buy Baltic Exchange

Baltic Exchange privately owned by 380 shareholders. The Singapore Exchange (SGX) is in exclusive talks to buy London's Baltic Exchange, which has been at the

Ports

SOLAS Container Weight Requirements FAQ

With new rules regarding the declaration of the accurate gross mass of a packed containers due to enter force, the International Maritime Organization (IMO) answers

New Connections for France, Port of Rotterdam

With the launch of a new rail shuttle and inland shipping link, connections between Northern France and the port of Rotterdam are now better than ever. Five times a week,

Mobile Shiploader Delivered to Port Metro Vancouver

Multipurpose heavy lift operator AAL has completed a series of shipments to Port Metro Vancouver (PMV) of a mobile grain shiploader to be installed at the Port’s

Finance

STX Shipbuilding Likely to Enter Court-lead Restructuring

South Korean shipbuilder STX Offshore & Shipbuilding Co Ltd will likely need to enter court-supervised receivership due to financial difficulties, the firm's lead

Statoil Says Sees European Gas Prices Bottoming Out

Norway's Statoil does not expect European gas prices to fall much further as rising demand from the power generation sector would offset an expected increase in liquefied natural gas (LNG) supply,

Baltic Index Down on Lower Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday hurt by sluggish demand for large vessel sizes.

Container Ships

SOLAS Container Weight Requirements FAQ

With new rules regarding the declaration of the accurate gross mass of a packed containers due to enter force, the International Maritime Organization (IMO) answers

CMA CGM Proceeds with NOL Takeover after China Okay

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China,

Singapore Exchange in Talks to buy Baltic Exchange

Baltic Exchange privately owned by 380 shareholders. The Singapore Exchange (SGX) is in exclusive talks to buy London's Baltic Exchange, which has been at the

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.1454 sec (7 req/sec)