Fitch Ratings Reaffirms Port Tampa Bay\u2019s Rating to A+
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Fitch Ratings reaffirmed its rating for Port Tampa Bay of an ‘A+’ for the port\u2019s approximately $62.3 million in outstanding revenue bonds and notes. Additionally, the Rating Outlook is stable. The announcement reflects Port Tampa Bay’s continued capital investments, which have supported strong throughput and revenue performance, and are expected to drive additional growth in the near term. The rating will result in better insurance and bond rates for Port Tampa Bay. \u00a0<\/p>\n
The rating is a testament to the port’s diversified operating revenues supported by contractual agreements that bolster revenue stability, coupled with a strong fiscal position evidenced by stable liquidity and low leverage. The port’s diversified operations help insulate its financial performance from fluctuations in any one business line. The rating also reflects near-term capex primarily funded by grants and port revenues, reducing reliance on debt while recognizing the adequate headroom for future borrowing provided by the port’s financial profile.<\/p>\n
“Port Tampa Bay is Florida\u2019s largest and most cargo-diverse port, and our several lines of business remain our strength. The confidence expressed by Fitch is a reflection of our entire maritime community\u2019s success and stability. Port Tampa Bay is proud of our position as a major economic driver, supporting nearly 192,000 jobs and generating over $34.6 billion in annual economic impact in the region we serve,” explained Paul Anderson, Port Tampa Bay President & CEO. \u00a0<\/p>\n
\u201cPort Tampa Bay\u2019s financial health and resilience are a direct reflection of our cargo diversity and balanced business model. From containerized goods and construction materials to energy, steel, and fertilizer, our port moves a broad mix of commodities that keep us stable in any market condition. This diversity enables us to invest responsibly, maintain top-tier infrastructure, and deliver long-term value to our stakeholders and the communities we serve,” explained Chad Harrod, Port Tampa Bay Board of Commissioners Chair.<\/p>\n
Fitch Ratings evaluates the port as Hillsborough County Port District each year. To learn more about Fitch Ratings, visit\u00a0Fitch’s Ratings Action Commentary for Port Tampa Bay<\/a><\/u><\/p>\n<\/div>\n \t
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