Fitch affirms JAXPORT's 'A' bond rating
June 6, 2011
Citing stable revenues, a growing diversity of trade lanes and cargoes, controlled operating expenses and long-term contracts with port customers, Fitch Ratings affirmed the 'A' rating on $90 million Jacksonville Port Authority series 2008 senior lien port revenue bonds. In addition, the Rating Outlook on all senior lien bonds was revised to Stable from Negative.
Container and automobile imports and exports drive JAXPORT’s cargo trade, Fitch Ratings reported. The port ranks as the nation's 13th largest port in terms of container trade volume and has recently become the largest in the state of Florida - surpassing both the Port of Miami and Port Everglades. The port is also the nation's second largest for the import and export of automobiles behind the Port Authority of New York and New Jersey.