Bangkok--31 Mar--Standard & Poor's
Standard & Poor's Ratings Services raised its underlying rating (SPUR) to 'A' from 'A-' on Port of Pasco, Wash.'s outstanding general obligation (GO) bonds. Additionally, Standard & Poor's assigned its 'A' long-term rating to the port's series 2010 limited tax general obligation bonds. The outlook is stable.
"The raised rating is based on our view of the port's continued strong financial performance and stable and diverse revenue sources," said Standard & Poor's credit analyst Li Yang. "Further supporting the rating is the port's local economy that is anchored in the agriculture and distribution industries in southeastern Washington."
The port is located at the confluence of the Columbia and Snake rivers in Franklin County and its taxing area encompasses nearly the entire county in the southeastern portion of the state. Located roughly 220 miles southeast of Seattle and 220 miles northeast of Portland, the port's local economy is primarily agricultural and distribution-based, although we understand the economy is gradually diversifying into other sectors.
The port acts as the regional transportation hub for the region and operates an airport, industrial park, and a maritime terminal. The airport serves as the largest revenue stream for the port and is currently served by three major regional airline carriers that provide connections primarily to the cities of Salt Lake City, Utah; Seattle, Wash.; and Denver, Colo. The industrial park serves as the port's second-largest revenue stream and comprises roughly 600 acres and 32 miles of shoreline with approximately 39 tenants that are primarily centered around agricultural product processing and packing, distribution, and manufacturing.
RELATED CRITERIA AND RESEARCH
USPF Criteria: GO Debt, Oct. 12, 2006
Complete ratings information is available to RatingsDirect on the Global Credit Portal subscribers at www.globalcreditportal.com and RatingsDirect subscribers at www.ratingsdirect.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column.
Media Contact:
Ana Sandoval, New York (1) 212-438-5095,
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Analyst Contacts:
Li Yang, San Francisco 1-415-371-5024
Chris Morgan, San Francisco (1) 415-371-5032
Key Contacts:
Americas Media Relations: (1) 212-438-6667
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