Port Tampa Bay has increased their rating to an A+ according to Fitch Ratings for their quality of revenue and their fiscal strength.
Fitch Ratings elevated their rating for Port Tampa Bay to an 'A+' for the port’s approximately $75 million in outstanding revenue bonds and notes. The Rating Outlook is also stable. The upgrade shows the Port Tampa Bay's long-term capital investments that have supported strong throughput and revenue performance and are expected to drive additional growth in the near term. The rating will be shown in better insurance and bond rates for Port Tampa Bay.
The port's openness to cruise ships reportedly assists in stabilizing their financial performance from dramatic fluctuations from singular business lines.
"Port Tampa Bay’s diversity remains its greatest asset and strength. Our maritime community was recognized for our strong position for success and stability. Year after year, the port has worked hard to improve its annual rating from Fitch and we celebrate our upgraded rating from ‘A’ to ‘A+’. This is welcomed news and we congratulate our staff and port community who helped us ensure fiscal responsibility. Port Tampa Bay is Florida's largest port, and an economic driver, supporting nearly 85,000 jobs and generating over $18 billion in annual economic impact," explained Paul Anderson, Port Tampa Bay President & CEO.
“On behalf of the entire Port Tampa Bay Board, it is an honor to be recognized by Fitch Ratings for the port’s financial responsibility and growth. Our maritime community is comprised of focus-driven individuals, who not only want to see our port succeed, but our entire region. We take our role in being a job creator and economic driver seriously and it should be very reassuring to the public, to have the backing of a one of the biggest credit rating industries in the U.S.,” explained Chad Harrod, Port Tampa Bay Board of Commissioners Chair.
Fitch Ratings evaluates the port as Hillsborough County Port District each year.