AAPA Seaports Advisory

Finance: Halifax

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S&P Global Ratings affirms Halifax Port Authority’s A+ Credit Rating

S&P Global Ratings has affirmed Halifax Port Authority’s investment-grade credit rating of ‘A+’ with a "stable outlook."

S&P said the rating reflects the port authority's "stand-alone credit profile" and "a moderately high likelihood of support from the Government of Canada." The stable outlook "reflects our view of the HPA's prudent financial management and our expectation that the authority will continue to record healthy cargo and revenue growth in the two-year outlook horizon" and "our expectation that the authority will continue to produce strong annual debt service coverage ratios, including principal and interest, averaging 5x amid expected growth in debt."

"The Halifax Port Authority has developed, and currently operates from a diversified revenue base generating strong and consistent cash flow. The affirmation of our ‘A+’ investment-grade credit rating from Standard & Poor’s is confirmation of the strength of that cash flow," said Paul MacIsaac, the port authority’s senior vice president. "We remain committed to creating the conditions for sustainable economic development."


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