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

People & Company News

Egypt Says Finishes Work on New Suez Canal

Egypt has finished building its New Suez Canal, its overseer said on Wednesday, a project President Abdel Fattah al-Sisi sees as a symbol of national pride and

CMA CGM to Resume Service to Iran

The world's third-largest container shipping group, France's CMA CGM, said on Monday it would resume operations to Iran following the deal between Tehran and world

Obituary: Yacht Designer Jörg Beiderbeck

Jörg Beiderbeck, recognized as a figure among the world’s top megayacht designers, has passed away at the age of 69 on the evening of Sunday, August 2, at his home in Bremen-Vegesack,

Ports

Pentalver Opens London Container Facility

U.K. inland container service operator Pentalver opened a new five-acre site at the U.K.’s newest deep sea container port, DP World London Gateway, the London Port Authority announced.

USCG’s New Cutter Pulls into Boston

The U.S. Coast Guard’s (USCG) latest 418-foot National Security Cutter James (WSML 754) entered Boston Harbor August 3 ahead of her commissioning scheduled for August 8.

CMA CGM to Resume Service to Iran

The world's third-largest container shipping group, France's CMA CGM, said on Monday it would resume operations to Iran following the deal between Tehran and world

Finance

Egypt Says Finishes Work on New Suez Canal

Egypt has finished building its New Suez Canal, its overseer said on Wednesday, a project President Abdel Fattah al-Sisi sees as a symbol of national pride and

Harper Government Invests in Naufrage Harbor

The Honorable Gail Shea, Minister of Fisheries and Oceans, announced today an investment to improve safety and working conditions for fishermen at Naufrage Harbor, Prince Edward Island.

Strategic Marine’s Stock Program Full Power Ahead

Strategic Marine, the specialist shipbuilder and fabricator, has confirmed its stock program of personnel transport vessels is market-ready. “Our stock program

Container Ships

Pentalver Opens London Container Facility

U.K. inland container service operator Pentalver opened a new five-acre site at the U.K.’s newest deep sea container port, DP World London Gateway, the London Port Authority announced.

CMA CGM to Resume Service to Iran

The world's third-largest container shipping group, France's CMA CGM, said on Monday it would resume operations to Iran following the deal between Tehran and world

Diana Charters Containership to Maersk

Container shipping company Diana Containerships Inc. announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Maersk

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Salvage Ship Repair Shipbuilding / Vessel Construction 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: 0.2607 sec (4 req/sec)