Fitch affirms JAXPORT’s ‘A’ credit rating on revenue bonds

Fitch Ratings recently affirmed its ‘A’ rating on JAXPORT’s $44.3 million in outstanding revenue bonds, issuing the port a stable rating outlook.

According to Fitch, the rating reflects JAXPORT’s strong operating position based on its diversification across trade lanes and cargo types, growing automobile and container activity, and strategic location in the Southeast U.S. JAXPORT’s container and automobile businesses “have grown steadily over the past decade” and the port’s “diversification in cargo operations has helped mitigate cargo volatility through the pandemic,” the rating agency said.

JAXPORT’s public-private partnerships to modernize its facilities, including the soon-to-be-completed harbor deepening project, were also key factors in the rating. “Continued positive growth at the SSA Terminal, the recently signed 20-year contract with Ceres,” as well as cargo marketing initiatives ahead of the upcoming completion of the harbor deepening project are “expected to provide incremental growth in the near-to-medium term,” according to Fitch.

“The investments that have been made in our port by our elected officials and private partners position Jacksonville for continued economic growth and supply chain security,” said JAXPORT CEO Eric Green. “With the harbor deepening project coming online next month, along with the public-private partnerships to enhance our terminals and capabilities, we will continue to provide supply chain solutions for our customers and build on our role as Northeast Florida’s economic engine.”