Fitch affirms JAXPORT’s ‘A’ credit rating
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- Fitch affirms JAXPORT’s ‘A’ credit rating
Fitch Ratings recently affirmed its “A” rating on JAXPORT’s $129.8 million in outstanding revenue bonds, issuing the port a stable rating outlook.
Fitch says the rating reflects the port’s “versatile financial and operating position” despite global marketplace volatility created by the coronavirus pandemic. The rating is also supported by JAXPORT’s growing automobile and container activity, increasingly diverse revenue base, and desirable location in the Southeast U.S., according to Fitch.
“Our diversity of business and strong relationships with our customers—along with the investments that have been made in our port by our federal, state, local, and private partners—have helped ensure that we can continue to grow and thrive in today’s industry,” said JAXPORT CEO Eric Green. “A number of major projects, anchored by harbor deepening, will be coming online in about the next 18 months, allowing us to build on the success we’re experiencing and accommodate continued growth for the benefit of our customers and community.”
JAXPORT is Florida’s largest container port, one of the nation’s top vehicle-handling ports and a major U.S. port for the import and export of bulk, breakbulk and other cargoes. Cargo activity through Jacksonville’s seaport generates 138,000 jobs and $31 billion in annual economic output for the region and state.