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March 11, 2014 |
Finance: Alabama
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Fitch Ratings has affirmed its "BBB+ " rating for the Alabama State Port Authority’s outstanding dock facilities revenue bonds, and revised its Rating Outlook to Positive for the port authority’s bonds.
Alabama: Fitch Affirms State Port Authority’s BBB+ Rating, Revises Its Rating Outlook to ‘Positive’
Fitch Ratings has affirmed its "BBB+ " rating for the Alabama State Port Authority’s outstanding dock facilities revenue bonds, and revised its Rating Outlook to Positive for the port authority’s bonds. The rating agency’s endorsement recognized the port authority's strong debt service coverage, as well as the diversification of revenue sources in recent years.
Fitch cited the port authority’s success in diversifying its revenue stream, its excellent intermodal connections and the port’s limited service area overlap with other major ports. It also noted the port authority’s stronger debt structure and a modest capital spending program as key rating drivers.
The Alabama State Port Authority completed Fiscal Year 2013 with operating revenues of approximately $148 million, an increase of 1.9 percent from FY 2012.
"Our management team has been highly focused on securing new business streams and alternative forms of financing our capital programs short of entering the bond market," said James K. Lyons, the port authority's director and chief executive. "This strategy has met our objectives to modernize terminals and expand our services, service our debt, and maintain a strong cash position."
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