“These ratings confirm the path we are on to create a sustainable business model that addresses our short- and long-term needs to continue to grow The Port of Virginia,” said John F Reinhart, CEO and executive director of the Virginia Port Authority.
“As we continue to improve upon controlling our day-to-day operational costs, there is a growing, positive reflection on several important issues such as bond health, the ability to strategically invest in the operation and long-term sustainability.”
“This sends out a larger, positive message to our customers and stakeholders about the fiscal health and well-being of the port. The end result is an improved ability to invest in the future of this port.”
Following its review of VPA’s overall financial plans, Moody’s this week issued its report and concurrently affirmed the Aa3 ratings on outstanding senior lien bonds. The agency assigned the bonds an Aa3 “stable” rating, which is the fourth highest rating out of 21.