Port of Oakland achieves enhanced port rating

Port of Oakland achieves enhanced port rating

Fitch Ratings approves bond ratings Port of Oakland and updated the rating outlook to positive from stable.

According to Fitch, the port’s positive outlook is reflected in its diverse revenue streams from aviation, marine, utilities and commercial real estate businesses, supported by stable operational success.

Long-term contracts at Oakland Seaport (Seaport) have also been instrumental in stabilizing the port’s financial situation.

READ: Port of Oakland seeks $400 million for zero-emission transformation

Fitch noted that the port has strong leverage indicators in terms of its ability to finance assets and make debt payments.

Key factors driving Fitch’s change in the port’s rating outlook include the strength of the port’s revenue base, manageable capital plan, strong financial profile and solid debt structure.

READ: Port of Oakland continues growth momentum

The port is reportedly able to continue major capital investment projects thanks to sound budget management. These initiatives are planned to improve port facilities and infrastructure, enabling the port to retain existing customers, attract new business and generate revenue.

“These bond ratings reflect the Port’s unwavering commitment to prudent financial management and stability,” said Julie Lam, Port of Oakland Chief Financial Officer. “They are a testament to the dedication and professional excellence of our Port staff and the Oakland Board of Port Commissioners.”

The Port of Oakland’s container volume increased by 5.3 percent year-over-year to 188,040 TEU in May.