Port Canaveral Authority Obtains A+ Rating from Fitch Ratings

Fitch Ratings upgraded the Port Improvement Revenue Bonds of the Port Canaveral Authority to "A+ with a stable outlook."

The rating reflects the port's sustained growth and strong operational performance, supported by long-term minimum annual guarantees with cruise and cargo operators, a capital improvement program primarily funded by operating cash flow and grants, and a conservative debt structure, which provides the port with financial resilience and borrowing flexibility.

"This credit rating upgrade by Fitch is the result of years of disciplined financial management, robust business planning, and a consistent commitment to strategic growth," stated Captain John W. Murray, CEO of Port Canaveral.

"As we continue to invest nearly one billion dollars in infrastructure improvements, maintaining a strong financial foundation allows us to grow responsibly while generating long-term value for our customers, business partners, and the Central Florida community," the executive added.

With cruise traffic driven by the Central Florida tourism market, particularly Orlando, the Fitch report cited the port's "strong market position as a leading cruise port on the U.S. East Coast" and "significant ongoing infrastructure investments expected to support long-term revenue growth." Port Canaveral's diverse cargo portfolio includes fuel, forest products, aggregates, and other essential raw materials.

Currently, the port is investing nearly one billion dollars in capital improvements over the next five years through its Port Canaveral Advantage program, which includes the expansion and modernization of cruise and cargo facilities, technological upgrades, road improvements, and other features across all aspects of its operations.

"The CPA's current five-year capital improvement program is extensive and focuses on expanding cruise and cargo infrastructure. These projects are expected to increase cruise capacity, support passenger growth, and maintain cargo handling capabilities," the Fitch report also notes.