VIPA Maintains Credit Rating, Receives Stable Outlook from S&P

For another year, the V.I. Port Authority has maintained a BBB+ credit rating on its three sets of 2014 marine revenue bonds, with rating agency Standard & Poor’s also classifying VIPA’s financial outlook as stable.

VIPA has maintained the credit rating for the past three years, since 2014 when it closed on a bond refinancing of its 2003 Series A marine revenue bonds. The refinancing raised an extra $29 million for the authority, was used for capital maintenance and enhancing facilities.

At the time, Standard & Poor’s assigned a BBB+ rating to the bonds, which has funded, or will fund the following work:

Advertising (skip)
Advertising (skip)

St. Croix

– Structural repairs, pavement resurfacing and cross channel dredging at the Wilfred Allick Port and Transshipment Center.

– Refurbishing the south tender landing at the pier of the Ann E. Abramson Marine Facility in Frederiksted.

– Refurbishing the Gallows Bay Marine Terminal, bulkhead and dredging of the Schooner Bay Channel to allow the berthing of small cruise ships in Christiansted.

– Pavement resurfacing and shoreline restoration at the Ovesen Seaplane Facility.

St. John

– Development of a paid parking facility in Cruz Bay.

– Pavement of the cargo area at the Theovald Moorehead Dock and Terminal.

St. Thomas

– Dredging of the East Gregorie Channel to accommodate the largest cruise lines in Crown Bay.

– Construction of a U.S. Customs and Border Protection Facility and a multi-level parking garage at the Urman Victor Fredericks Marine Terminal in Red Hook (ongoing.)

According to a news release Monday, VIPA Executive Director Carlton Dowe said Standard & Poor’s continued affirmation of the credit rating was an “indication that VIPA is properly managing its financial portfolio” and paying off the bonds on time.

“My team and I have been working diligently to get these projects completed so that we can provide safer and more efficient port facilities territory-wide,” Dowe said in Monday’s statement.

Dowe said VIPA has kept current with payments and meeting obligations to maintain the agency’s financial standing.

"The S&P’s BBB+ rating confirms that we have been successful,” he said.

Standard and Poor’s is a leading financial market intelligence company. Credit ratings issued by S&P are opinions about an agency’s credit, along with the ability and willingness of an issuer, such as a corporation, state or city government, to meet its financial obligations. 

Print Friendly, PDF & Email

Support the VI Source

Unlike many news organizations, we haven't put up a paywall - we want to keep our journalism as open as we can. Our sites are more popular than ever, but advertising revenues are falling - so you can see why we could use your help. Our independent journalism costs time, money and hard work to keep you informed, but we do it because we believe that it matters. If everybody who appreciates our reporting efforts were to help fund it for as little as $1, our future would be much more secure. Thanks in advance for your support!

Donate