Outlook ‘stable’ for port bonds

Published 9:01 pm Monday, March 31, 2014

Leading international bond rating agency Fitch Ratings has awarded it’s “A, stable” rating to $159 million in outstanding Virginia Port Authority facilities revenue and refunding bonds.

Fitch undertook its annual surveillance audit of the bonds earlier this year, considering factors including long-term contracts, growth forecast, long-term capital plan and associated costs, debt structure, financial backing for the bonds and an extensive credit review, according to an authority news release.

“Our bonds are sound and it is clear that Fitch has a lot of confidence in the future of The Port of Virginia,” stated John. F. Reinhart, authority CEO and executive director. “We still have a lot of work to do to better align that long-term bond health with that of our annual revenues.

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“As we continue to improve upon controlling our day-to-day operational costs, there will be a growing, positive reflection on several important issues like bond health. The end result is an improved ability to invest in the future of this port.”