Stable outlook from international rating agency Moody’s highlights the port’s pandemic resiliency
Moody’s Investors Service has affirmed JAXPORT’s ‘A2 Stable’ credit rating, citing the port’s diversity of business, stable revenue, favorable long-term cargo market growth outlook, and manageable debt.
“The port’s diverse business mix has helped temper” the impacts from COVID-19, according to Moody’s.
In addition to being Florida’s No. 1 container port and the nation’s second-busiest vehicle handling port, JAXPORT is also one of the country’s most diversified ports offering a mix of cargo and cruise service. Other cargoes include breakbulk, dry and liquid bulk, heavy lift, refrigerated cargo, forest products, high and heavy, liquefied natural gas, and U.S. military cargo.
“Maintaining our credit rating during this time is a reflection of JAXPORT’s strong operating position even during this period of uncertainty,” said JAXPORT CEO Eric Green. “We remain focused on the future, building on our already strong revenue and customer base, ensuring we continue to be an economic engine and job creator for Northeast Florida today and for generations to come.”
In May, Fitch Ratings affirmed its long-term ‘A’ rating on JAXPORT’s $129.8 million in outstanding revenue bonds, saying “The rating reflects JAXPORT’s versatile financial and operating position even in light of volatility stemming from the coronavirus pandemic.” JAXPORT is an international trade seaport offering direct ocean carrier services to more than 140 ports in 70 countries. Cargo activity through Jacksonville’s seaport supports 26,000 jobs in Northeast Florida and generates more than $31 billion in annual economic output for the region and state.