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Moody's Reaffirms DRPA Bond Ratings
A3 revenue bond rating and Baa3 PDP bond rating based on Authority’s exceptional financial performance
CAMDEN, N.J. - Delaware River Port Authority officials today announced that the Moody’s Investors Service has reaffirmed the Authority’s A3 rating for Revenue bonds and Baa3 rating for its Port District Project bonds, both with a stable outlook. Moody’s reaffirmation points to the financial strength and fiscal stewardship of the Authority over the last 4 years.
“This is tangible validation of the Authority’s focus on stringent, responsible financial management, and our unwavering commitment to acting as responsible stewards of the public assets with which we are entrusted,” said DRPA Board Chairman Ryan N. Boyer. “I commend our CEO, John T. Hanson, our CFO Jim White, and the staff of the DRPA for their hard work and willingness to go the extra mile to strengthen the Authority and I look forward to working with my fellow Commissioners and the DRPA Leadership team as we continue to move the Authority forward.”
“Over the past 3-4 years, the Authority has focused on improving and strengthening our financial condition by pre-paying debt, reducing our subordinate debt exposure and developing new strategies to fund our vital capital program,” said DRPA Vice Chair Jeff Nash. “All of this has been accomplished without toll or fare increases and with implementation of the frequent bridge commuter discount. This is a wonderful indication that we are on the right track and I look forward to expanding our efforts in 2016 and beyond.”
“To strengthen the Authority, we have undertaken a strategy that has included exiting from non-core businesses, maintaining expenses below budgeted levels, strengthening our investment policies and, under current forecasts, forgoing the assumption of additional debt until 2020,” said DRPA CEO John T. Hanson. “I’m very pleased that this most recent rating affirmation takes into account the steps we have taken and I look forward to adopting and implementing additional measures in the coming year.”
Moody's Investors Service is a leading provider of credit ratings, research, and risk analysis. The firm's ratings and analysis track debt covering more than 120 sovereign nations, approximately 11,000 corporate issuers, 21,000 public finance issuers, and 72,000 structured finance obligations.
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