Port of Seattle Bonds Garner High Ratings

The Port of Seattle has received outstanding ratings from all three Wall Street bond rating agencies for a series of general obligation bonds the Port plans to sell on January 27. The $293,235,000 sale will fund capital improvements on the waterfront.

Fitch Ratings and Standard and Poor's assigned the bonds a rating of AA+. Moody's Investor's Service rated them Aa1.

"The strong bond ratings help us accomplish the Port's mission of creating good jobs and economic vitality in our community," said Port Commission President and Chair Paige Miller. "The ratings reduce financing costs for our airport and seaport investments, and they reflect the Port's history of excellent financial management."

"Our ratings are the result of our commitment to running a strategic, highly focused organization with a Commission that makes some very difficult policy decisions," said Port of Seattle CEO M. R. Dinsmore.

Fitch Ratings said the Port's fiscal strength is evident in its diverse revenue stream and that revenue and activity levels for both the seaport and Seattle-Tacoma International Airport remain healthy. Fitch's also noted that the Port's debt levels are modest and that direct debt-to-market value is just 0.20%.

Standard and Poor's pointed out that the Port has a high degree of revenue flexibility and is experiencing continued strong demand for Port services and facilities.

Moody's said the ratings reflected a strong, diversified local economy and the Port's successful record of managing its maritime and aviation facilities. The agency also said the Port has made judicious use of its general obligation taxing authority, resulting in a very low direct debt burden.

The bonds will fund the Port's ongoing capital improvement program, including improvements to container handling facilities at Terminal 46 and Terminal 18, as well as upgrades to piers and docks at Terminal 91 and Fishermen's Terminal.