Tampa Port Authority Receives ‘A’ Rating by New York Firm

The Tampa Port Authority is pleased to announce that New York-based Fitch Ratings has affirmed an ‘A’ rating of the port authority’s approximately $151 million revenue bonds. Additionally, Fitch provided the port authority with a Ratings Outlook of “Stable.”

In a release issued by Fitch Ratings, the firm stated that financial operations at the port are stable and are supported by long-term leases and strong minimum annual guarantees in addition to an expanding revenue base. Historically, the port relied on high-volume, low-value bulk cargoes such as phosphate and petroleum for the majority of its business. However, the port’s diversification over the last decade, including cruise activity and increased container operations, has enabled the port to expand its revenue mix, as well.

“We are committed to strong fiduciary responsibility and to making investments that make the most sense for the Port of Tampa, both in the short term and the long term,” Richard Wainio, port director and chief executive, said. “Fitch Ratings has recognized the positive outcome of this commitment, and we are pleased to share this great result with the port community and all of our constituents.”

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