Break Bulk Cargo Services News

Fitch Ratings has assigned an 'A+' rating to $19.3 million of refunding revenue bonds, series 2013 A, issued by the San Diego Unified Port District. In addition, Fitch has affirmed the 'A+' rating on approximately $39.2 million in outstanding revenue bonds, series 2004 A and 2004 B. The Rating Outlook on all bonds is Stable. The district's assets include real estate holdings in prime tourism/business areas of the city and two niche marine terminals primarily focused on break bulk cargo services. Growth in automobile and specialized equipment handling has been noted. The maritime and real estate revenue base is supported by long-term fixed rents and concession revenues.