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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BMW Opens Vehicle Distribution Center at Baltimore Port

BMW Group celebrated the official opening of its newest Vehicle Distribution Center at the Port of Baltimore yesterday. The facility will serve 96 dealers within

David Palacios is Director of Quality, Environment & Safety, SENER

The engineering and technology group SENER has brought together its Quality, Environment and Safety divisions into one unified Department. The move aims to reorganize

ICC Conference Focuses on Platform to Settle Disputes

The 5th ICC International Commercial Mediation Conference has brought together leading mediators, arbitrators, corporate managers and in-house counsel from around

Ports

BMW Opens Vehicle Distribution Center at Baltimore Port

BMW Group celebrated the official opening of its newest Vehicle Distribution Center at the Port of Baltimore yesterday. The facility will serve 96 dealers within

Rotterdam Integrates Safety Research with LNG Training Facility

The Dutch company Falck Risc is becoming the number one expert on LNG safety in Europe. Together with the Unified Fire Department, Falck Risc will draw up guidelines

Antwerp Port Seeks Inputs on Setting-up LNG bunkering

By the beginning of 2016 the port of Antwerp will have an LNG bunkering and filling station for barges. The procedure for construction of the station is currently under way.

Finance

Nigerian Minister Pledges $1.3 bln for Power Companies

Nigeria's oil minister announced a 213 billion naira (1.3 billion US dollar) bail-out package for power companies on Saturday, nearly a year after the sector was privatised.

Russia's Yamal LNG Project May Tap Wealth Fund in 2014

Russia's Novatek may get funds from the National Wealth Fund for its Yamal LNG project before the year-end, a minister said, as part of government plans to support sanction-hit companies.

ICC Conference Focuses on Platform to Settle Disputes

The 5th ICC International Commercial Mediation Conference has brought together leading mediators, arbitrators, corporate managers and in-house counsel from around

Container Ships

Chevron To Find Buyers for Hawaiian Refinery

Chevron Corp has hired an investment bank to identify potential buyers of its 54,000 barrel-a-day refinery in Kapolei on the Hawaiian island of Oahu, a company official said.

South Carolina Ports Container Volume Up by 13%

SC Ports Authority reported container volumes up 13 percent fiscal year to date, a strong start to the first two months of the fiscal calendar. The SCPA handled 163,

Global Ship Lease to Acquire Containership

Global Ship Lease, Inc. has  announced  that it has agreed to acquire a 8,063 TEU containership from a leading container liner company for a purchase price of $55 million.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators 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: 0.2181 sec (5 req/sec)