Port Manatee Bond Strength Upgraded (USA)

Port Manatee Bond Strength Upgraded

Fitch Ratings and Moody’s Investor Service both upgraded Port Manatee’s financial ratings in October as part of major debt restructuring by the port.

Fitch assigned a AA+ rating to the new bonds and Moody’s scored the bonds at a Aa2 rating – ranking among the highest of Florida’s 15 deepwater seaports. The ratings reflect confidence in Port Manatee’s financial stability.

Taking advantage of historically low interest and refinance rates, the port’s existing bonds and commercial paper will be restructured by refinancing with bonds totaling $38 million. Port officials worked closely with Manatee County and the Manatee Clerk of Circuit Court and Comptroller’s office to complete the refinancing strategy.

Port staff estimates $450,000 will be saved annually through the debt restructuring, which can be applied to further developing port infrastructure and accelerating debt retirement. The strength of the county’s guarantees on the port’s debt was cited as instrumental in the port’s upgraded ratings.

Press Release, October 31, 2012

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3rd International Congress Hydraulic Engineering Structures and Dredging

Russia’s leading maritime industry Media Group PortNews (www.portnews.ru) holds a traditional annual Congress “Hydraulic Engineering Structures and Dredging” in Moscow. 

The two-day Congress includes the 7th International Forum of Dredging Companies and the 3rd Technical Conference “Modern Solutions for Hydraulic Engineering”.

Infrastructure development is among the real sources of Russia’s economy growth. Construction of port facilities and new hydraulic engineering structures on the country’s inland waterways constitute an essential part of all infrastructure projects. It is important to take into account the best international practices to implement these projects effectively.

The program of the Congress will be devoted to the latest technologies for dredging and hydraulic engineering works. Speakers and delegates will refer to real projects to discuss specifics features of dredging works, as well as dedicated fleet and equipment involved.

To learn more about event, please, contact the organizing committee: snitko@portnews.ru

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