S&P gives Virginia Port Authority bonds æA+Æ
In advance of the Virginia Port Authority’s planned refinancing of some of its bonds, Standard & Poor’s Ratings Services has assigned its 'A+' long-term rating to the authority's $65 million series 2010 port facilities revenue refunding bonds.
At the same time, it affirmed its 'A+' long-term rating on the authority’s port facilities revenue bonds outstanding.
S&P said the long-term ratings reflect the authority’s continued good financial performance. The port’s container volumes were down 16 percent last year, but in the first three months of 2010, they have rebounded 15.5 percent to 471,315 TEUs compared to the same 2009 period.
S&P said the port’s credit strengths include a diverse mix of container-shipping lines, with the largest customer representing no more than 15 percent of its business, and a good competitive position as a natural deep channel port, with a central location on the East Coast, improving rail connections to the Midwest, and a history of good labor relations.