The Port of Oakland’s efforts to emerge from the effects of the pandemic have made an impact on its most recent bond ratings.
Fitch Ratings recently affirmed the Northern California port’s bond ratings with and A+ for senior lien revenue bonds and As for intermediate lien revenue bonds and the underlying bank bond rating for the port’s commercial paper notes, the port said.
Fitch also moved the port’s ratings outlook to stable after previously issuing a negative rating due to the pandemic’s effect on airport business. The port, which runs Oakland International Airport, has since seen business pick up in recent months.
“The above rating affirmations and outlook revisions to stable reflect the diminished operational and financial risks that have challenged airports since early 2020 due to a combination of improving passenger volumes in recent months, the effective management oversight of budgets, and the financial relief accommodated by federal aid that appear to mitigate revenue impairments.” Fitch explained in a statement.