Buoyed by strong reviews from three leading bond ratings agencies, the Virginia Port Authority (VPA) completed the sale of $141.8 million of port facilities revenue refunding bonds to investors last week. The bonds were received favorably by the market with more than $400 million worth of orders placed for the bonds during the sale process. The bonds were sold in two series: one tax-exempt ($85.1 million of principal) and one taxable ($56.7 million of principal). “As a result of the sale, the VPA will reduce its debt costs and realize significant savings,” said John F. Reinhart, the VPA’s CEO and executive director. “We will realize net savings of $14.7 million on a present value basis, equal to 9.9 percent of the refinanced debt.” Just prior to the bond sale, Fitch Ratings announced that it had upgraded its long-term rating of the VPA’s outstanding port facilities revenue bonds to A+ with a “stable” rating. The Fitch rating followed similar ratings of VPA bonds published in late February by Moody’s Investors Service and Standard & Poor’s, which gave Aa3 and A+ ratings, respectively. “Three of the leading international bond rating agencies affirmed the strength of our bonds and show faith in our plan for growing the port in a consistent, sustainable manner over the years to come,” Reinhart said. All of the rating agencies noted the port’s focus on streamlining operations; its plan to optimize facilities for capacity and operating efficiencies; a leading East Coast market position in the container trade; the capability to accommodate the new generation of larger container vessels; and excellent intermodal links. The bonds are expected to settle on March 19.