Two rating agencies on Jaxport's side
One of the Big Three rating agencies, Moody’s, has confirmed the Florida Port in Jacksonville's (Jaxport) rating. The mark remains at ‘A2 Stable’ credit rating. In its report, Moody's investor service put emphasis on the port’s diversity of business, stable revenue, favourable long-term cargo market growth outlook and its manageable debt.
“The port’s diverse business mix has helped temper” the impacts from Covid-19, according to Moody’s. Being one of the most diversified US-ports, the mix of cargo including breakbulk, dry and liquid bulk, heavy lift, refrigerated cargo, forest products, liquefied natural gas and military cargo helped to stabilize the volatile period of the anti-pandemic measures.
In May, Fitch Ratings affirmed its long-term ‘A’ rating on Jaxport’s USD 129.8 million in outstanding revenue bonds, saying “The rating reflects the port’s versatile financial and operating position even in light of volatility stemming from the coronavirus pandemic.” (cd)