Standard & Poor’s (S&P) has upgraded the Alabama State Port Authority’s outstanding dock facilities revenue bonds to an A- rating from BBB+ and given all of the port authority’s bonds a "stable" Rating Outlook.   

The higher rating reflects the port authority’s potential revenue diversification with the opening of the Pinto Terminal, a strong niche position, increasing cargo trends and increased financial margins. The stable outlook reflects S&P’s view of the port authority’s increased financial margins and higher, although still low for the rating category, liquidity levels and S&P’s expectation that the port authority will continue to actively manage its financial position to maintain the increased financial margins. 

"We’re very pleased that S&P has recognized the substantial improvements in the port’s financial position," said James K. Lyons, the port authority’s director and chief executive. "Our management team has been highly focused on the efficient running of our business and deserves a great deal of credit for this upgrade." 

Mr. Lyons also announced that Frank Fogarty has been selected to succeed the late Mark Ivey Sheppard as the port authority’s vice president for trade and development, effective June 3. Mr. Fogarty brings to the position 38 years of professional experience in domestic and international trade, terminal operations and stevedoring, most recently as senior vice president for sales and marketing at Ports America in Iselin, N.J. He is a native of Mobile, holds a bachelor's degree from the University of South Louisiana and is a graduate of the University of Tennessee Executive Development Program.