Fitch Publishes Rating Criteria for Ports

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings has published an updated version of its 'Rating Criteria for Ports'. The updated report replaces the existing criteria (published Oct. 16, 2014) without modifying Fitch's analytical approach. No changes to the ratings of existing transactions are anticipated as a result of the application of the updated rating criteria.

The report describes the analytical framework used by Fitch analysts when evaluating debt issued by ports across the globe. It applies both to whole port enterprises and single/multi-terminal facilities with an operational history and under a variety of ownership models. The criteria also apply to enterprises that own port facilities in multiple locations. It is intended to include debt borrowings with a broad revenue pledge (i.e. entire operating revenues from the port enterprise) as well as those that have more limited revenue streams, such as facility leases.

The report highlights the following five key risk factors which typically determine the rating of debt issued by ports:

--Operational and facility attributes that drive the breadth and diversity of service, including economic underpinnings that support trade volumes;

--Legal frameworks and operating models driving cash flow generation, including contractual and/or regulatory provisions between the port, its host jurisdiction, and its trading partners;

--Planning management and funding of infrastructure development/renewal;

--Debt structure and composition;

--Relevant debt service, financial and operating metrics.

In addition to further development of these key rating factors, the report also provides supporting credit risk commentary on other risk aspects specific to ports.

The report should be read in conjunction with Fitch's report 'Rating Criteria for Infrastructure and Project Finance', published Sept. 28, 2015, and expands on the current port rating methodology used by Fitch. Further, the port criteria may supplement other relevant Fitch criteria when rating financings secured substantially by ad-valorem taxes, general corporate financings not premised on asset-specific analyses, port related real-estate transactions, and structured/securitized financings. The introduction of this criteria report is not anticipated to result in rating actions.

Additional information is available at 'www.fitchratings.com'.

Rating Criteria for Ports

https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=872725

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151020006500/en/

Fitch Ratings
Emma W. Griffith
Director
+1-212-908-9124
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Danilo Quattromani
Director
+39 02 879087 275
or
Seth Lehman
Senior Director
+1-212-908-0755
or
Media Relations
Sandro Scenga, New York, +1 212-908-0278
[email protected]

Source: Fitch Ratings

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