Port Freeport earns solid “A” rating from Standard & Poor’s ratings services
posted by AJOT | Oct 02 2015 at 11:57 AM | Ports & Terminals
FREEPORT, TX (October 2, 2015) – Port Freeport officials are pleased by the affirmation of the prior “A” rating and stable outlook by Standard & Poor’s Rating Services, based on the Port’s senior-lien revenue refunding bonds and revenue notes.
“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.”
Standard & Poor’s analysts cited that the Port has maintained steady growth in both tonnage and financial performance as well as good debt service coverage and a strong liquidity position. The analysts noted that tonnage has trended positively since 2009 with a 7.9% increase.
Commissioner Chairman Ravi Singhania added that “we are proud of the sound growth taking place at the Port, and the recognition by the financial community.”