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Finance: Virginia

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Virginia: Moody’s, S&P Affirm Strength of Port Facilities Revenue Bonds

Moody’s Investors Service and Standard & Poor’s last week publicly affirmed the strength of Virginia Port Authority (VPA) port facilities revenue bonds, giving them Aa3 and A ratings, respectively. All three are AAPA members.

Moody’s stated: "The Aa3 rating reflects the port’s competitive strengths, including naturally-deep harbors dredged to 50 feet with an authorization to dredge to up to 55 feet as shipping lines continue to increase vessel size; well-developed intermodal connectivity; location with access to both the north and south Atlantic markets as well as proximity to inland markets and regional distribution centers; and contracts with shipping lines that provide revenue stability through minimum annual revenue guarantees."

"These ratings confirm the path we are on to create a sustainable business model that addresses our short- and long-term needs to continue to grow The Port of Virginia," said Port Authority CEO John F. Reinhart. "As we continue to improve upon controlling our day-to-day operational costs, there is a growing, positive reflection on several important issues such as bond health, the ability to strategically invest in the operation and long-term sustainability."

The VPA owns and through its private operating subsidiary, Virginia International Terminals, LLC, operates four general cargo facilities: Norfolk International Terminals, Portsmouth Marine Terminal, Newport News Marine Terminal in the Port of Hampton Roads and the Virginia Inland Port in Warren County. It also leases Virginia International Gateway and the Port of Richmond.
 

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