Fitch Ratings has affirmed the ‘A’ rating for Port Tampa Bay’s approximately $79 million in outstanding revenue bonds and notes. Additionally, the Rating Outlook has been revised from Stable to Positive. The Positive Outlook reflects the port’s strong coverage metrics in Fitch’s rating case and expectations for manageable additional leverage over the near to medium term, leading to potential upward rating movement. The ‘A’ rating reflects the port’s diversified operating revenues coupled with a strong fiscal position evidenced by strong liquidity and low leverage. The port’s diversified profile and lesser exposure to cruise help to insulate financial performance from cruise stress.
“Port Tampa Bay has taken numerous steps to position our maritime community for success and stability. We celebrate the news that Fitch Ratings has maintained our rating of A and upgraded our outlook to positive. Despite global supply chain concerns and ongoing issues related to a global pandemic, our port community has shown that our diverse lines of business are our strength. Additionally, we are very pleased that the coming cruise season is forecasted to return to pre-pandemic levels as we welcome over 1 million passengers, and anticipate significant future growth in the coming years for this important l line of business. I celebrate this news and want to congratulate our staff and port community who helped us ensure fiscal responsibility,” explained Paul Anderson, Port Tampa Bay President & CEO.
Fitch Ratings evaluates the port as Hillsborough County Port District each year. To learn more about Fitch Ratings, visit https://www.fitchratings.com