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Moody´s Confirms Port A1 Bond Rating
FOR IMMEDIATE RELEASE:
December 13, 2005
Contact: John Carter, Port of Bellingham
360-676-2500
Moody’s Assigns A1 Rating to Port of Bellingham Bonds
$5 Million Bond Sale Begins on Thursday
[Bellingham, Wash.] Moody’s Investors Service assigned an A1 rating to the Port of Bellingham’s General Obligation Bonds, which will go on sale Thursday.
This is the same rating the Port has had in the past and the continued high rating is a reflection of the strength of the Port’s financial management.
In issuing the rating, Moody’s cited the Port’s diverse revenue sources, the county’s growing economy and the Port’s low debt ratio. In addition the report noted that the Port also has a favorable cash position with Port policies calling for cash reserves to include one year of its revenue bond debt service, plus three months of projected operating expenses, and a $1 million emergency reserve.
“Moody's expects the port's financial operations to remain stable, as revenues outpace projections and expenditure growth is kept at manageable levels,” stated the report.
Proceeds from the bond sale will be used to fund a variety of capital improvements at the port's facilities.
People who are interested in purchasing these bonds may do so through Seattle Northwest Securities, which is conducting the bond sale for the Port. For information on purchasing bonds, contact Mark Lee, Vice President of underwriting/trading, at 1-800-452-9911. Click Here for a full copy of the Moody's Report -30-
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