Moody’s Assigns Port Canaveral Revenue Bonds A2 Rating, Affirms Stable Outlook

By  //  October 18, 2016

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attributed to cruise market, cargo growth

Port Canaveral will homeport Norwegian Cruise Line's largest ship and currently the fifth largest in the world — Norwegian Epic — starting in November 2016, offering seven-day Eastern and Western Caribbean itineraries, as well as three-and four-day cruises to the Bahamas in 2017. (NCL image)

Port Canaveral will homeport Norwegian Cruise Line’s largest ship and currently the fifth largest in the world — Norwegian Epic — starting in November, offering seven-day Eastern and Western Caribbean itineraries, as well as three-and four-day cruises to the Bahamas in 2017. (NCL image)

BREVARD COUNTY • PORT CANAVERAL, FLORIDA — Moody’s has assigned Port Canaveral revenue bonds an A2 rating and affirmed a stable outlook.

The positive ratings were attributed to Port Canaveral’s strong position in the cruise market; cargo growth; stable finances and pro-active capital plan management.

Some $32.715 million in proposed revenue refunding bonds series 2016C (AMT) and $27.045 million 2016D (non-AMT) have received A2 ratings from Moody’s Investors Service, which also affirmed a stable financial outlook for Port Canaveral.

“We expect 6-7 percent increase in revenue in 2017 with our emphasis on diversification by continuing to grow our cargo operations and strengthening our cruise positioning,” said Port Canaveral CEO John Murray. Port

Canaveral is the second busiest cruise port in the world with 80-percent of its operating revenue earned from this business line. Cargo operations, which have expanded with new container and auto terminals and services, are benefiting from the improving economy in Florida.

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“Maintaining stable bond ratings is a team effort and our business model requires us to be able to respond to changing market conditions,” said Deputy Executive Director and Chief Financial Officer Rodger Rees.

“Moody’s stable bond rating enables us to continue to access the financial markets on a favorable basis, which allows the Port Authority to provide infrastructure needed to service and maintain our customers.”

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At the end of 2016, outstanding revenue bonds series 2006A and 2006B totaled $10.5 million, which also received Moody’s A2 rating. Port Canaveral’s five-year capital investment plan totals $545 million.

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