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TAMPA - The Hillsborough County Port District earned an affirmation of its 'A' rating on $133.1 million in outstanding bonds.
Fitch Ratings, a global ratings agency, conducted the review of the bonds. One key to the rating, according to Fitch, was the port's revenue diversity. “No single maritime business line generates more than 24% of total operating revenues,” the report stated. “The port's status as a landlord port limits its operational risk and provides a basis for a predictable and stable revenue stream from long-term lease agreements. Increasingly strong cruise activity continues to bolster revenues.”
Fitch also cited the port's location near downtown Tampa, its five-year $227 million capital program and its combination of high margins and low debt. Actions that could trigger a downgrade, according to Fitch, include changes to the amount of cargo processed at the port; a “meaningful change” in liquidity levels; and changes in the port's cost structure.
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