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Port of Long Beach Receives Stellar Credit Ratings

Port of Long Beach Receives Stellar Credit Ratings

Recognized for its strong market position and financial resiliency, the Port of Long Beach has received upgraded ratings with a stable outlook by Standard & Poor’s, one of the nation’s leading credit-rating agencies.

The Long Beach Harbor Department’s senior bonds were raised to an “AA+,” while the rating was increased to “AA” for the Port’s Transportation Infrastructure Finance and Innovation Act (TIFIA) loan agreement for the Gerald Desmond Bridge Replacement Project.

“These significant rating upgrades reflect our ability to remain resilient, competitive and fiscally responsible over the last several years,” said Port of Long Beach Executive Director Mario Cordero. “This rating fortifies our fiscal responsibilities and demonstrates our good financial standing as we continue to invest in modern and sustainable projects that make us a leader in trans-Pacific trade.”

“Our stellar credit ratings reflect the Port’s ongoing commitment to fiscal responsibility and stability,” said Long Beach Harbor Commission President Sharon L. Weissman. “We are proud to secure this level of confidence from one of the major financial rating agencies.” 

S&P cited the Port’s strength during the COVID-19 pandemic. The Port was also recognized for its competitive position, ability to pay its loans, strong reserves and stable revenue from long-term leases with tenants. 

The Port of Long Beach is one of the world’s premier seaports, a gateway for trans-Pacific trade and a trailblazer in goods movement and environmental stewardship. As the second-busiest container seaport in the United States, the Port handles trade valued at more than $200 billion annually and supports 2.6 million trade-related jobs across the nation, including 575,000 in Southern California.