Initial reports indicate little to no effect on credit ratings for Florida ports following the damage brought on by Hurricane Irma, according to Fitch Ratings. Rated port facilities in Florida have seen varying operational disruptions due to Hurricane Irma. Port facilities themselves have sustained some damage while ship channels are being inspected by the Coast Guard. Cruise passengers have been displaced due to cancellations, and fuel shipments are resuming to address state-wide fuel shortages. As seen with Hurricane Harvey in Texas, some supporting infrastructure such as road, rail, and ship channel access have seen damage as well, limiting port access. Despite varying degrees of damage to each port in the state, a combination of ample insurance coverage, various long term agreements and strong liquidity should ensure current ratings and Outlooks remain intact. Initial assessment of PortMiami (rated A/Stable Outlook) shows minimal physical damage from Irma, mainly from water intrusion, downed trees and debris. Port facilities are primarily up and running, with the Port receiving coast guard authorization to return to normal port conditions on September 13th. However, the Port's north channel can only be used during daylight hours, until a damaged light that is used as a navigational aid is repaired. Insurance, sizable minimum annual guarantees and a very strong liquidity position will help to insulate the port from any temporary decreases in service levels and needed repairs and, as such, Fitch does not anticipate a deterioration in PortMiami's credit quality due to the hurricane. Broward County's Port Everglades (rated A/ Positive Outlook) indicates that the port sustained minor facilities damage, including water intrusion, downed trees, and debris. The port closed on Friday, September 8th through the afternoon of Tuesday, September 12th, when the Coast Guard cleared facilities for full operations. Five cruise ships arrived on Tuesday and Wednesday, with one additional ship diverted to the port from Miami. Petroleum companies based at Port Everglades are focused on meeting high consumer demands following the storm; 3 tanker ships arrived Tuesday carrying gasoline, diesel, and jet fuel, with two more expected by Thursday. Eleven of the port's 12 petroleum terminals were operational Wednesday, with the final one expected to open Thursday. Port facilities are covered by Broward County's property insurance program, and any eligible non-insurance covered hurricane repairs will be submitted to FEMA for reimbursement. Due to the port's relatively short closure, limited physical damage, and adequate insurance coverage, Fitch views negative impacts to the ports ratings as unlikely. Canaveral Port Authority (rated A/ Stable Outlook) indicates limited damage to its facilities, consisting primarily of cosmetic damage and debris to be removed. However, the port has been affected by loss of power and failure of the City of Cocoa water system, which supplies the port, requiring continued restrictions on commercial vessel transit through the port. The port closed on September 8th, and was opened by the Coast Guard with operating restrictions on September 12th. Priority has initially been given to vessels delivering fuel supplies, as well as to diverted cruise ships. Cruise operations are resuming, with embarking for scheduled cruise itinerates resuming Thursday and Friday. The port indicates insurance is in place for both revenue losses and damages. Due to the port's long term agreements with its cruise partners, the limited nature of physical damage, and the presence of insurance for damages, Fitch does not expect negative adjustments to the port's ratings. According to the Jacksonville Port Authority (rated A/ Stable Outlook), the port incurred minor damage from the hurricane which is not expected to prevent cargo or cruise vessels from calling on the port. Following hurricane warnings, Jaxport's gates and terminals were closed beginning September 8th, and subsequently reopened with restrictions on Tuesday September 12th, allowing access only to shallow water vessels less than 500 gross tons. The port opened access to all other vessels on September 13th and has since resumed normal operations. Jaxport carries adequate hurricane and natural disaster insurance with the addition of property and business interruption coverage for protection against such events. Given the minimum extent of damage, sufficient insurance protection and reopening of port operations, Fitch does not anticipate a material impact to Jaxport's overall credit quality. Hillsborough County Port Authority's Port Tampa Bay (rated A/Stable Outlook) closed on September 8th, and reopened the afternoon of September 12th after the Coast Guard inspected the channel outside the port. Priority has been given to fuel tankers to facilitate refuelling efforts across the state, with 10 vessels scheduled to arrive between September 12th and 15th. Some cruise and cargo vessels are also scheduled to arrive during this timeframe. The port's offices were scheduled to reopen yesterday. The above initial assessments indicate Fitch's port ratings in Florida are unlikely to change as a result of Hurricane Irma. However, Fitch will continue to monitor the situation to assess the full impact of the storm on facilities, operations, throughput, and financial metrics.