Moody's, S&P issue positive financial ratings for South Carolina Ports Authority.
Moody’s Investors Service and Standard & Poor's Ratings Services recently confirmed the solid financial position of the South Carolina Ports Authority (SCPA).
The positive ratings were the result of a growing regional economy, significant capital support and a strong operating profile.
The ratings were released just as SCPA announced intentions to issue about $290 million in new revenue bonds to fund several major capital projects, including the purchase of two super post-Panamax cranes and wharf improvements for the Wando Welch Terminal, upgrades to refrigerated cargo infrastructure at both SCPA container terminals, and construction of the Navy Base Terminal.
“Strong ratings from two of the top credit reporting agencies confirm that SCPA is well-poised to deliver on an aggressive capital plan and remain a top ten container port, offering the modern facilities, deep water and reliability necessary for above-market growth in today’s shipping environment,” SCPA President and CEO Jim Newsome said.
Moody’s and S&P's reports can be accessed on the SCPA website: www.scspa.com.
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