For Full Story: Space Coast Daily
Article By: Steve Linden
The Moody’s bond rating opinion released late last week acknowledges the Port’s healthy financial metrics, established competitive position as a cruise port, and revenue diversity from cargo operations.
“Canaveral Port Authority continues to strengthen its financial profile by developing our cruise and cargo business,” Port CEO Captain John Murray said.
“This A2 rating with a stable outlook designation is a major endorsement of the Port’s financial direction and enables us to stay competitive in the global maritime market.”
Moody’s analysts noted that additional credit strengths for the Canaveral Port Authority include minimum annual guaranteed revenue contracts that provide revenue visibility, a cargo segment that adds to revenue diversification, conservative financial policy and healthy financial metrics.
Moody’s reported that the Port’s Fiscal Year 2018 through 2022 foresees capital improvement expenditures of around $422 million. The capital plan will be funded from a combination of operating cash flow, existing reserves and new debt issuances.