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Finance: VirginiaPrint this Article | Send to Colleague Fitch Ratings has assigned an "A stable" rating to $159 million in outstanding Virginia Port Authority facilities revenue and refunding bonds. Virginia: Fitch Gives Port Authority Bonds A-Rating 'Stable' Outlook Fitch Ratings last week gave it's A "stable" rating to $159 million in outstanding Virginia Port Authority (VPA) facilities revenue and refunding bonds and in doing so affirmed the health of those bonds. Earlier this year, Fitch undertook its annual surveillance audit of the bonds. In that audit, the ratings agency considers many different factors in determining the health of the bonds including long-term contracts, growth forecast, long-term capital plan and associated costs, debt structure, the financial backing of the bonds and an extensive credit review. In its summary, Fitch said:
"Our bonds are sound, and it is clear that Fitch has a lot of confidence in the future of The Port of Virginia," said Port Authority CEO John F. Reinhart. "We still have a lot of work to do to better align that long-term bond health with that of our annual revenues. As we continue to improve upon controlling our day-to-day operational costs, there will be a growing, positive reflection on several important issues like bond health. The end result is an improved ability to invest in the future of this port." |
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