Fitch Ratings has upgraded the Canaveral Port Authority’s port improvement revenue bonds to “A+ with Stable Outlook” for the Port’s financial future.
BREVARD COUNTY • PORT CANAVERAL, FLORIDA – Fitch Ratings has upgraded the Canaveral Port Authority’s port improvement revenue bonds to “A+ with Stable Outlook” for the Port’s financial future.
The rating reflects the Port’s sustained growth and strong operating performance, supported by long-term minimum annual guarantees with cruise and cargo operators, a capital improvement program primarily funded by operating cash flow and grants, and a conservative debt structure, providing the Port with financial resilience and borrowing flexibility.
“This ratings upgrade by Fitch is the result of years of disciplined financial management, strong business planning and an ongoing commitment to intentional growth,” said Captain John W. Murray, Port Canaveral CEO. “As we continue investing nearly $1 billion in infrastructure improvements, maintaining a strong financial foundation allows us to grow responsibly while delivering long-term value for our customers, business partners and the Central Florida community.”
“This ratings upgrade by Fitch is the result of years of disciplined financial management, strong business planning and an ongoing commitment to intentional growth,” said Captain John W. Murray, Port Canaveral CEO.
With cruise traffic driven by Central Florida’s tourism market, particularly Orlando, Fitch’s report cited the Port’s “strong market position as a leading cruise port on the U.S. East Coast” and “significant infrastructure investments underway that are expected to support long-term revenue growth.”
Port Canaveral’s diverse cargo portfolio includes fuel, forest products, aggregates and other critical commodities.
The Port is currently advancing nearly $1 billion in capital improvements over the next five years through its Port Canaveral Advantage program that includes expanding and upgrading cruise and cargo facilities, technology enhancements, roadway improvements and other features across all aspects of its operations.
Fitch also noted that the “CPA’s current five-year capital improvement program is large and focused on expanding cruise and cargo infrastructure” and “these projects are expected to increase cruise capacity, support passenger growth and maintain cargo handling capabilities.”
Headquartered in New York and London, Fitch Ratings is a leading independent provider of credit ratings, research, and risk analysis, tracking debt covering countries worldwide.
