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Port Bonds Get High Marks

March 30, 2010

Port of Long Beach bonds have received high marks from all major credit rating agencies, a move that will lower the cost of borrowing and reflects the Port's strong financial position.

The Port plans to issue $218 million in bonds to finance certain capital improvements and up to $354 million to pay outstanding debt and reduce debt costs in the coming months.

Fitch Ratings, Standard&Poor's and Moody's all deemed Port bonds investment grade, meaning they are stable investments and non-speculative. All three gave Port bonds their third highest grade, out of 20 for Fitch and S&P's, and 21 for Moody's. The ratings means the Port will pay lower interest rates on the bonds.

Interested investors and bond brokers can learn more about the bond series by clicking here.

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