Freeport, TX — Port Freeport officials are pleased by the affirmation of the prior “A” rating and stable outlook by Standard & Poor’s Rating Services, based on the Port’s senior-lien revenue refunding bonds and revenue notes.
“We are enthusiastic about the confidence shown by Standard & Poor’s in the Port’s ability to increase operating revenues while decreasing reliance on ad valorem tax revenue,” said Port Freeport Executive Port Director/CEO Glenn Carlson. “This highly respected ratings service has again placed Port Freeport’s district among the top ranking of seaports.”
Standard & Poor’s analysts cited that the Port has maintained steady growth in both tonnage and financial performance as well as good debt service coverage and a strong liquidity position. The analysts noted that tonnage has trended positively since 2009 with a 7.9% increase.
Commissioner Chairman Ravi Singhania added that “we are proud of the sound growth taking place at the Port, and the recognition by the financial community.”
Port Freeport is committed to keeping the local community informed of our operations and results. If you have questions or comments about this article, please email or call Glenn Carlson, Executive Port Director/CEO at carlson@portfreeport.com or 979-233-2667.
