AAPA Seaports Advisory

Finance: Hueneme

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Hueneme: Port Earns Financial Report Award, Bond Rating Upgrade

The Government Finance Officers Association of the United States and Canada (GFOA) has again awarded the Port of Hueneme a Certificate of Achievement for Excellence in Financial Reporting. The port has now been honored for an outstanding Comprehensive Annual Financial Report (CAFR) for six years in a row.

The CAFR recognition is the highest award given for governmental accounting and financial reporting, and receiving it displays a significant achievement by the governmental agency and its management team.  

"The Oxnard Harbor District is proud to be the recipient of the Certificate of Achievement for Excellence in Financial Reporting for the sixth consecutive year," said Port Commission President Manuel Lopez. "This highlights our administrations high standards of honest and open reporting that helps build trust in our community."

Other good news comes with Standard and Poor’s decision to upgrade the port’s credit rating from BBB to BBB+.

"This is especially significant as it represents a validation of the Port’s financial stability and growth potential with strong revenue and controlled costs," said Port CFO Andrew Palomares. "This upgrade enhances future borrowing potential to access vital capital for re-investment in port infrastructure and capabilities."

According to Port Commissioner Jess Herrera, "The rating increase shows that the S&P has a better understanding of the way they evaluate the criteria needed in rating smaller ports and I believe the Port of Hueneme may have been the catalyst in achieving this change".

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