PORT FREEPORT EARNS SOLID “A” RATING
FROM STANDARD & POOR’S RATINGS SERVICES
FREEPORT, Texas – Port Freeport officials are encouraged by the “A” rating and stable outlook assigned by Standard & Poor’s Rating Services, based on the Port’s 2008 Senior Lien Revenue Bonds.
“We are pleased with the confidence shown by Standard & Poor’s in the Port’s ability to increase operating revenues while decreasing reliance on ad valorem tax revenue,” said Port Freeport Managing Director Phyllis Saathoff. “It is encouraging that this highly respected ratings service has again placed Port Freeport’s district among the upper echelon of seaports.”
Standard & Poor’s analysts cited that the Port has maintained steady growth in both tonnage and financial performance. The analysts noted that although tonnage has fluctuated since 2006, it has increased an average of 4.3% in each of the last five years.
Also, in 2010, the Port’s operating revenues increased by 10.9% from the previous year. The Port’s Commission sets the tax rate each year, and has lowered the rate in recent years. To read the full report from Standard & Poor’s, visit www.portfreeport.com/annual.htm.
Port Freeport currently ranks 16th among U.S. ports in international cargo tonnage handled. With a current channel of 45-foot depth, soon to be widened and deepened, just 3 miles from open Gulf of Mexico waters, Port Freeport offers more than 7,500 acres for future development. Port Freeport serves its customers and stakeholders through development and marketing of competitive world-class navigational capabilities, technically advanced marine and multimodal terminal services and port-related industrial facilities while achieving profits and creating jobs as a leading economic catalyst for the Texas Gulf Coast.