Moody’s: Port of Oakland’s Bond Ratings Up, Outlook Stable

Image Courtesy: Port of Oakland

The bond ratings and assigned ratings of California’s port of Oakland have been upgraded on an upcoming series of refunding revenue bonds, according to Moody’s ratings agency.

The upgrades, announced June 9, include USD 656 million of senior lien bonds to A1 from A2, USD 324 million of intermediate lien bonds to A2 from A3, and a subordinate lien bank note rating to A3 from Baa1.

Moody’s said that it has assigned an A2 rating to the port’s USD 260 million intermediate lien refunding bonds, series 2017 (DEFG), adding that the port’s outlook is stable.

“The upgrades reflect significant improvement in the port’s credit profile, driven by a long-term and ongoing deleveraging; strengthened activity levels in its two principal business lines; improved debt service coverage ratios (DSCRs) and a materially improved cash position,” according to the ratings agency.

Moody’s added that the stable outlook reflects the expectation of stability in air passenger traffic and marine cargo volume, ongoing vitality in the regional economy, and manageable risk in the maritime division due to the landlord model employed, which will support financial stability through a period of operational transition and potential short term revenue volatility.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jul 2017 >>
MTWTFSS
26 27 28 29 30 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31 1 2 3 4 5 6

Global Liner Shipping Asia Conference

Fight. Survive. Thrive. Respond to challenges of consolidation & disruption at the largest gathering of container shipping industry in Asia…

read more >

Bunkering Week 2017

IBC’s biennial Bunkering Week is back with its successful series of 3 co-located events: 8th Bunkering in Asia, 4th LNG Bunkering and EMTECH: Ship Emissions Technology Conference. With a proven track record of bringing together top decision makers from various industry sectors, this remains the go to event for ship owners, fuel suppliers, traders and […]

read more >

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

Salvage & Wreck Asia

Could your business be affected by shipwreck? Are you a salvage professional or a wreck removal expert? …

read more >