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Tampa Port Authority A- Credit Rating Reaffirmed by Standard & Poor’s

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Standard & Poor’s (S&P) Ratings Services has reaffirmed the Tampa Port Authority’s credit rating of A- and assessed its outlook as "stable." The S&P rating is the latest in a continued series of positive ratings received by the port authority in recent years not only from S&P, but also from Moody’s and Fitch Ratings.

The port authority's financial margins have remained strong in recent years despite declining cargo trends. In fiscal year 2012, the port's operating revenues rose 4 percent to a record $43.6 million. 

S&P cited the authority's achievements in revenue, relatively low debt service levels, strong liquidity position, and the economic conditions in Hillsborough County as key factors in its rating. S&P also referred to the authority’s long-term lease revenues, the diversity of its business lines and the state of Florida’s significant population growth as strengths.

Historically, the port relied on high-volume, low-value bulk cargoes such as phosphate and petroleum for the majority of its business. The port’s subsequent diversification throughout the last decade, including strong cruise activity and increased container operations, has enabled the port to expand its revenue mix. Additional strengths are the port’s increasing intermodal connectivity – including the under-construction I-4 connector – and the TPA’s taxing authority.
 

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