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>

<< Oct 2017 >>
MTWTFSS
25 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

Europort 2017

The 38th edition of Europort will take place from 7-10 November 2017 in Rotterdam Ahoy. Established as one of the world’s leading maritime…

read more >

Mozambique Gas Summit & Exhibition

Mozambique Gas Summit & Exhibition is recognised as the leading strategic meeting for Mozambique’s gas industry. Working in partnership…

read more >

FCCA Cruise Conference & Trade Show

The ​FCCA ​Conference ​is ​a four-day ​event ​designed ​to ​foster ​a ​better ​understanding ​of ​the ​inner ​workings ​of ​the ​cruise…

read more >

Bulk Liquid Storage Europe 2017

The event will cover current key challenges and issues faced by the industry and provide in depth discussions and analysis of today`s…

read more >