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Finance: Alabama

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Alabama State Port Authority Bonds Receive A-Rating Upgrade from Fitch

Fitch Ratings has upgraded its rating to 'A-' with a Rating Outlook of Stable for the Alabama State Port Authority’s (ASPA) outstanding dock facilities revenue bonds. The rating agency’s endorsement recognized the port authority's strong debt service coverage, as well as the diversification of revenue sources.
 
"We’re very pleased that Fitch has recognized the substantial improvements in the port’s financial position," said James K. Lyons, the port authority’s director and chief.  

Fitch’s rating was based in part on the port authority’s record steel, iron, and forest product volumes in fiscal year 2014, revenue stream diversification, "excellent intermodal connections," "limited service area overlap with other major port,," and its role in the State of Alabama’s industrial development policies. Fitch also noted that ASPA’s $145 million capital plan is to be funded through port authority revenues, public/private partnerships and grants.
 
"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 Mr. Lyons. "This strategy has met our objectives to modernize terminals, while exceeding our debt service obligations."

 

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