Fitch Cites Favorable North Carolina Port Factors
Fitch affirmed its 'BBB+' rating for $43 million in North Carolina State Ports Authority's revenue bonds, and said the ratings outlook is stable. It cited the port's favorable location, growing service area, and access to other economic growth corridors, but…
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also concerns about the authority's reliance on bulk volume and the risk of concentration on rubber- and phosphate-based cargo. Fitch said volume has shown resilience in recent months, and the diversity of trading partners and import/export exposure is adequate. The port's capital program is “modest” at $133 million, and largely funded with grants, Fitch said.