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Summary: Port Of Tacoma, Washington; Joint Criteria; Ports/Port Authorities Sep 11

  • ID: 2036076
  • September 2011
  • Region: Washington
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services affirmed the 'AA-' long-term rating and underlying rating (SPUR) on the Port of Tacoma, Wash.'s senior-lien debt and the 'A+' SPUR on the port's subordinate-lien debt outstanding. The outlook is stable. The port's ratings reflect our view that its financial metrics are solid and its growth opportunities are strong. More specifically, the port's ratings are based on the following factors: Its financial margins are strong, with senior debt service coverage (DSC) at 4.3x, combined senior and subordinate (including commercial paper--CP) DSC at 2.1x. It has strategic advantages, including significant land currently available for development, a relative lack of congestion, shorter sail times from Asia than most other U.S. ports, and naturally deep waterways. Credit weaknesses...

Companies mentioned in this report are:
- Port of Tacoma

Action: Affirmed

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- Port of Tacoma

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