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Port Of Tampa Retains Moody's A2 Rating; Outlook Stable

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By TED JACKOVICS | The Tampa Tribune

Published: October 9, 2008

TAMPA - In contrast with the grim financial investment news these days, one bright spot has emerged regarding the outlook for the Port of Tampa.

The Tampa Port Authority has retained its A2 "investment grade" rating on $120.3 million of outstanding revenue bonds with a stable outlook, a report by Moody's Investors Service released Wednesday states.

Moody's cited the local port's strengths as a solid competitive position, a well-established trend of favorable financial performance and large cash balances, and a taxing authority that supports capital investments with property tax revenues generating between $14.1 million and $16.7 million annually over the past five years.

Challenges listed include a vulnerability to industry shifts in the cruise and cargo businesses and security challenges created by the port's size and multiple entry points.

"Containerized cargo remains a modest portion of the authority's gross revenue, although the authority is actively seeking to grow its container operations by renovating its facilities and attracting distribution centers to the area," the report states.

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