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Moody’s affirms JAXPORT’s bond rating
January 5, 2012
Moody’s Investors Service has affirmed the A2 rating of the Jacksonville Port Authority’s (JAXPORT's) $90 million outstanding revenue bonds. The ratings agency based the affirmation on the ports strengths, including a track record of sound financial performance, long-term contracts with tenants, excellent intermodal connections and continuing growth in the container and auto sectors.
Moody’s also maintained the outlook for JAXPORT as stable based on the agency’s expectation that the authority will maintain favorable operating performance, show improvement in financial liquidity and will remain competitive in the cargo and cruise markets.
"We are pleased and proud that even in the most challenging of economic conditions we have been able to maintain our financial well-being through strong expense side management and smart business decisions,” said JAXPORT CEO Paul Anderson. “We pledge to continue this fiscally responsible strategy as we strive to maximize job creation by growing the port to its potential."