Bangkok--8 Jul--Standard & Poor's
Standard & Poor's Ratings Services assigned its 'A+' rating to the Port of Seattle, Wash.'s $390.6 million series 2010A, 2010B, and 2010C intermediate-lien revenue bonds. In addition, Standard & Poor's affirmed its 'AA-' underlying rating (SPUR) on the port's senior-lien bonds, its 'A+' SPUR on the port's outstanding intermediate-lien bonds, its 'A' SPUR on the port's subordinate-lien bonds, and its 'A' SPUR on the port's passenger facility charge (PFC) bonds. The outlook on all ratings is stable.
"The ratings on the port's bonds are based on our view of the diversity of the revenue base, which includes the airport, the seaport, and the tax levy; the airport's market position; and solid coverage and liquidity levels," said Standard & Poor's credit analyst Mary Ellen Wriedt.
The bond proceeds will be used to fund a portion of the capital improvement plan, refund certain outstanding bonds, fund capitalized interest, and fund debt service reserves.
The Port of Seattle is a municipal corporation of the state of Washington and operates a major marine port facility, as well as the airport. The port has a major, $2.1 billion capital plan for 2010-2016, primarily to finance expansion and modernization of the airport.
RELATED CRITERIA AND RESEARCH
USPF Criteria: Airport Revenue Bonds, June 13, 2007
USPF Criteria: Port Facilities Revenue Bonds, June 13, 2007
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,
[email protected]
Analyst Contacts:
Mary Ellen Wriedt, San Francisco (1) (415) 371-5027
Adam Torres, New York (1) 212-438-2481
Key Contacts:
Americas Media Relations: (1) 212-438-6667
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Americas Customer Service: (1) 212-438-7280
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