BUSINESS SPOTLIGHT: Fitch Affirms ‘A’ Bond Rating, Stable Outlook for Port Canaveral

By  //  April 28, 2018

Share on Facebook Share on Twitter Share on LinkedIn Share on Delicious Digg This Stumble This

underscores Port Canaveral's market position as a leading cruise-focused port in the U.S.

Fitch Ratings affirmed on Friday the ‘A’ rating on approximately $64.3 million of Canaveral Port Authority port revenue bonds. The Rating Outlook is Stable. Today’s announcement by the credit rating agency underscores Port Canaveral’s market position as a leading cruise-focused port in the U.S.

BREVARD COUNTY • PORT CANAVERAL, FLORIDA – Fitch Ratings affirmed on Friday the ‘A’ rating on approximately $64.3 million of Canaveral Port Authority port revenue bonds.

The Rating Outlook is Stable. Today’s announcement by the credit rating agency underscores Port Canaveral’s market position as a leading cruise-focused port in the U.S.

With approximately five million revenue passengers expected in Fiscal Year 2018, the Port is the world’s second busiest cruise port and Florida’s third largest by operating revenue.

“Canaveral Port Authority has made strategic investments in our infrastructure to enhance our mission as a premier maritime gateway,” stated Captain John Murray, Port CEO.

“This rating with Stable Outlook designation is an important endorsement of the Port’s financial credibility. It opens the Port to opportunities for supporting our growth to ensure we remain competitive in a complex global maritime market.”

2018 Space Coast Prayer Breakfast Set May 3, Will Feature Congressman Bill PoseyRelated Story:
2018 Space Coast Prayer Breakfast Set May 3, Will Feature Congressman Bill Posey

The Fitch ‘A’ Rating also reflects the Port’s established operating history, aggressive yet flexible capital program, and conservative debt structure, which have led to modest leverage and solid coverage metrics when compared with the Port’s peers in the ‘A’ category.

Fitch analysts reported the Port’s Fiscal Year 2018 through 2022 capital improvement program at $378.5 million is “robust, yet remains flexible, with the ability to adjust scale and timing of projects as warranted by demand” and the Port’s debt service coverage ratio “remained strong” at 2.2x.

Fitch Ratings Inc. is one of three nationally recognized statistical rating organizations designated by the U.S. Securities and Exchange Commission. The agency is dual-headquartered in U.S. (New York) and U.K. (London).

CLICK HERE FOR BREVARD COUNTY NEWS

Leave a Comment