Friday, February 28, 2020

Port of Oakland Nets A Ratings on Bonds

By Karen Robes Meeks

The Port of Oakland recently received A ratings from Fitch Ratings on its bonds, including an A+ rating for $622 million in senior lien revenue bonds, an A rating for $181.9 million in intermediate lien revenue bonds, and an A rating for underlying bank bonds for the Port's commercial paper (CP) notes.

According to the port, the ratings were given based “on the strength of the port’s sizable origin and destination enplanement base and financial stability provided by long-term seaport contracts supporting cargo operations within a large, economically diverse and wealthy San Francisco Bay Area market.” A strong balance sheet, high debt service coverage ratios, and diverse revenue streams were also taken into account.