Tuesday, February 5, 2019

Port of Hueneme Sees ‘A’ Rating

By Karen Robes Meeks

The Port of Hueneme has garnered an ‘A’ credit rating from the Standard and Poor’s (S & P) bond rating system. The port’s stability with its top customers, solid fiscal track record and favorable GDP per capital were among several factors that went into S & P’s decision to raise the port’s bond rating.

“As an independent special district that does not rely on taxes but on our earned revenue, this accomplishment is a testament to the efforts of our District staff and leadership in prioritizing the Port’s fiscal health,” stated Oxnard Harbor District President Jess Herrera. “Being a public agency, we have the responsibility to be good stewards of our finances, and this third-party certification signals to the public, potential lenders, and our customers that we have our fiscal house in order.”

This bond rating increase comes at a crucial time for the port, which is embarking on several infrastructure development projects that may require the port to go to the bond market to finance, said CEO & Port Director Kristin Decas.

“This upgraded rating will allow the port better borrowing terms, and ultimately save the public millions of dollars over the life of projects.”.