PORT CANAVERAL, FL – As Port Canaveral progresses with its $244 million capital program budgeted this year to upgrade its cruise and cargo facilities, Fitch Ratings affirmed an ‘A’ ranking for $13 million of outstanding revenue bonds, series 2006 A&B, and declared all Canaveral bonds as ‘stable.’ Canaveral Port Authority has $184 million of unrated debt obligations.
According to Fitch, the rating is attributed to Port Canaveral’s established operating history, cost management, sustained tourism-related revenue growth and corresponding favorable operating contracts. The agency also cited the Port Authority’s aggressive, but flexible, capital program which utilizes borrowing against their current line of credit. Conservative debt, modest leverage, and strong coverage metrics were deemed as credit strengths.
“This rating is welcome news in support of funding the Port’s initiatives to provide world-class facilities, as well as excellent customer service, in the globally competitive maritime industry,” said Port Canaveral CEO John Murray.
“Stable agency ratings are important because they enable the Port Authority to keep its borrowing costs down,” according to Chief Financial Officer Rodger Rees. “The rating is a tribute to the Finance Department’s continued diligence in execution of established accounting policies and procedures.”
During 2015, Port Canaveral completed a record $184 million in capital projects.