San Diego Business Journal

Port Assigned an A+ Rating for Revenue Refunding Bonds

Friday, November 1, 2013

The San Diego Unified Port District said two major credit rating agencies, Fitch Ratings and Standard & Poor’s, assigned an A+ rating to $19 million in revenue refunding bonds that will be issued next month.

In addition, both agencies affirmed the A+ rating on $39.2 million in outstanding revenue bonds the port district issued in 2004.

The ratings on all the port bonds are “stable,” up from the prior rating by S&P of “negative,” the port district said.

The port said it sustained revenue declines in the recession, but moderate growth has occurred in recent years, and that trend is forecast to continue.

— SDBJ Staff Report