Finance: Port Freeport
Port Freeport Securities Earn "A" Rating from Standard & Poor’s Ratings Services
Standard & Poor’s Rating Services has affirmed its "A" rating and state outlook assessment of Port Freeport’s senior-lien revenue refunding bonds and revenue notes.
Standard & Poor’s analysts cited the Texas port’s steady growth in cargo tonnage and financial performance as well as good debt service coverage and a strong liquidity position. They noted that cargo tonnage has trended positively since 2009 with a 7.9 percent increase.
"We are enthusiastic about the confidence shown by Standard & Poor’s in the Port’s ability to increase operating revenues while decreasing reliance on ad valorem tax revenue," said Port Freeport Executive Port Director/CEO Glenn Carlson. "This highly respected ratings service has again placed Port Freeport’s district among the top ranking of seaports."