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DRPA Revenue Bond Ratings Upgraded by Standard & Poor's
In a report released on Monday, Standard & Poor’s Ratings Services upgraded its ratings on the Delaware River Port Authority’s $808 million revenue bonds, raising the underlying rates on these bonds from BBB+ (with a “positive outlook”) to A-, with a “stable outlook.”
The report cited DRPA’s strong managerial control over operating expenses, the importance of its bridges and PATCO as a vital connection in the region, its record of stable transaction and revenue growth, the authority’s solid financial margins, and its return to stable governance as some of the factors that lead to the increased rating
S&P also affirmed its ratings on the $ 351 million in port district project bonds at BBB-, with a “stable outlook.”
“The ratings upgrade issued Monday by S&P could not have been achieved without the hard work of Authority staff at all levels,” says DRPA Chief Executive Officer John J. Matheussen. “Over the past several years, we have been following strict cost savings measures in an effort to be more fiscally responsible. I am pleased to see that our efforts are paying off.”
The report also highlighted DRPA’s commitment to mass transit and port operations as well as its planned investment in its bridges in excess of $1 billion.
“The S&P report clearly demonstrates that DRPA’s financial position is strong and this allows us to keep our bridges and PATCO safe, secure and serviceable,” says Chief Financial Officer John Hanson.
The Delaware River Port Authority is a regional transportation agency. DRPA owns and operates the Benjamin Franklin, Walt Whitman, Commodore Barry and Betsy Ross bridges, PATCO, the Philadelphia Cruise Terminal and the RiverLink Ferry.
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