Port of Oakland debt upgraded by Fitch Ratings
Intermediate lien revenue bonds go to A from A-; senior debt affirmed at A+
Oakland, CA. – (Oct. 17, 2016): Port of Oakland intermediate lien revenue bonds have been upgraded by Fitch Ratings to A from A-. Fitch has also affirmed the A+ rating on the Port’s senior lien revenue bonds. The rating outlook for both liens is stable.
Fitch issued its rating update October 14. It said the ratings reflect diverse revenues from the port's aviation, maritime, and commercial real estate operations.
It also stated that the port benefits from its sizeable enplanement base and maritime cargo operations within the large, economically diverse, and wealthy San Francisco Bay Area. Fitch said the upgrade of the intermediate bonds also reflects the port's progressive deleveraging and debt service coverage ratios having exceeded the rating agency’s base case expectations.
About the Port of Oakland
The Port of Oakland oversees the Oakland seaport, Oakland International Airport, and 20 miles of waterfront. Together with its business partners, the Port supports more than 73,000 jobs in the region and nearly 827,000 jobs across the United States. Connect with the Port of Oakland and Oakland International Airport through Facebook, or with the Port on Twitter, YouTube, and at www.portofoakland.com.