Published on : Tuesday, November 5, 2013
Two worldwide credit rating agencies, Fitch Ratings and Standard & Poor’s, have assigned an A+ rating to $19.3 million of refunding revenue bonds to be issued in November 2013 by the San Diego Unified Port District.In addition, both agencies have affirmed the A+ rating on approximately $39.2 million in outstanding revenue bonds issued in 2004.
“I am extremely proud of this organization and the smart financial decisions that have been made over the years following the recession,” said Ann Moore, Chair of the Board of Port Commissioners. “This revised rating is encouraging and reflects the combined efforts of Port staff and the Board.”The rating outlook on all bonds is “stable,” which is an improvement from the previous outlook of “negative” by Standard & Poor’s.
The Port of San Diego attributes its success to its strong relationship with labor organizations, operational focus, and best management practices.
Fitch based its rating on the Port’s diverse mix of Maritime and Real Estate assets, specifically the district’s assets in real estate holdings, prime tourism/business areas of the city, and two niche marine terminals primarily focused on break bulk cargo services.
Revenue performance declined considerably during the recession, but moderate growth has been seen in recent years and is forecast to continue going forward, according to Fitch Ratings’ report.
Source:-Port of San Diego