Thursday, April 24, 2014

Port of Long Beach sells bonds to pay creditors

The Port of Long Beach is selling $59.9 million in revenue bonds to refinance debt used for upgrades, while cargo volumes continue to recover from the economic downturn.

Fitch Ratings said it assigned its second-highest grade, AA, to the securities, which will be used to refund $88.6 million in revenue bonds.

Fitch said the port, the second highest cargo volume in the U.S., is protected by long-term contracts with tenants. The rating company also noted container volume at the Port of Long Beach has risen since July 1, with container volume up 2.3 percent through February year-over-year, Fitch said.

The Port of Long Beach sits next to the Port of Los Angeles, the busiest U.S. port as measured by cargo volume. Combined, the port complex constitutes the seventh-busiest seaport in the world, according to Fitch.

For more of the Bloomberg story: bloomberg.com


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