Long Beach port receives strong bond rating
Fitch Ratings has given the Port of Long Beach an AA rating on two series of bonds to be sold in the coming months, the port said Monday.
The port plans to issue $218 million in harbor revenue bonds and up to $354 million in harbor revenue refunding bonds. Proceeds from the revenue bonds will finance capital improvements while proceeds from revenue refunding bonds will be used to pay outstanding debt and reduce debt costs.
The ratings mean the bonds are 'investment grade, which to the port means lower debt costs as they are considered lower risk to investors.
Fitch also affirmed the AA rating on roughly $785 million in outstanding harbor revenue bonds and harbor revenue refunding bonds.
Long Beach port receives strong bond rating
