Tampa: Fitch Affirms Port Authority’s 'A' Credit Rating and 'Stable Outlook'

Fitch Ratings has affirmed the Tampa Port Authority’s (TPA) credit rating of "A" and pronounced its outlook "stable."

Fitch Ratings cited the authority’s revenue and business line diversification, relatively low debt service levels and the economic conditions in Hillsborough County as key factors in its rating. The port authority realized record operating revenues for the fiscal year ending Sept. 30, 2012. Fitch also referred to the authority’s long-term lease revenues, prudent cost control strategies and Florida’s significant population growth as strengths. 

Fitch noted that the port historically had relied on high-volume, low-value bulk cargoes such as phosphate and petroleum for the majority of its business. During the past decade, successful diversifications, including strong cruise activity and increased container operations, have expanded its revenue mix. Additional strengths noted by Fitch are the port’s increasing intermodal connectivity and the TPA’s taxing authority. The port’s new service with Mediterranean Shipping Company (MSC) and the completion of the Tampa Gateway Rail Facility were also mentioned in Fitch’s review. 

American Association of Port Authorities
Asociación Americana de Autoridades Portuarias
1201 Maryland Ave SW, Suite 860, Washington, D.C. 20024
E: info@aapa-ports.org
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