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Saturday, August 17, 2019

Moodys Investors Service Inc News

Palm Beach Port

Moody Upgrades Port of Palm Beach

The Port of Palm Beach District announced that Moody’s Investors Service, Inc. upgraded the Port of Palm Beach District senior rating to Baa3 from Ba1, and reported the outlook to be stable. The report, released October 2, 2015, documented the port’s strengths, challenges and recent developments as the agency’s rationale for the ratings upgrade. The upgrade to Baa3 recognizes the port’s sustained financial improvement due to successful contract renewals with its largest customers.

Moody Upgrades Port of Palm Beach

The Port of Palm Beach District announced that Moody’s Investors Service, Inc. upgraded the Port of Palm Beach District senior rating to Baa3 from Ba1, and reported the outlook to be stable. The report, released October 2, 2015, documented the port’s strengths, challenges and recent developments as the agency’s rationale for the ratings upgrade. The upgrade to Baa3 recognizes the port’s sustained financial improvement due to successful contract renewals with its largest customers.

Moody’s Upgrades Port Canaveral’s Bond Rating

Moody’s Investors Service has upgraded Canaveral Port Authority’s $30.2 million in outstanding revenue bonds to A2 from A3 and rated its financial outlook stable. The upgrade was attributed to low leverage, cruise growth, stable finances and proactive capital plan management. Port Canaveral’s five-year capital plan totals nearly $600 million, which will be financed with a combination of grants, matching funds, cash flow and unrestricted cash balances. The major current project is a new cruise terminal for Royal Caribbean, which is paying half of the $105 million total cost.