Thumbs up from credit ratings agencies to South Carolina Ports Authority

Two of the big three credit ratings agencies have issued positive credit ratings for the South Carolina Ports Authority (SCPA)  this week, citing its solid financial position, a growing regional economy, significant capital support and a strong operating profile.

Moody’s Investors Service issued an A1 rating with a stable outlook to the 2015 bonds as well as the US$155 million in outstanding revenue bonds issued in 2010 while Standard & Poors assigned an A+ rating with a stable outlook on both bond series as well.

However, both agencies acknowledged the challenges SCPA would face from rival nearby ports, with Moody’s noting: ” Evolving shipping patterns on East Coast toward larger ships and fewer calls may place Charleston at a disadvantage relative to New York, Virginia and Savannah.”