Fitch rates Port of Seattle intermediate lien revs and refunding bonds ‘AA-‘; Outlook stable
AJOT Administrator, July 27, 2017, American Journal of Transportation
Fitch Ratings has assigned a ‘AA-’ rating to the expected $699.5 million in Port of Seattle, WA (the port) intermediate lien revenue and refunding bonds, series 2017ABCD. The Rating Outlook on the bonds is Stable.Fitch also maintains ratings on the port’s other outstanding bonds, including limited tax general obligation (LTGO) bonds, senior lien bonds, existing intermediate lien bonds, subordinate lien bonds, and passenger facility charge bonds. For more information on these ratings, please refer to the press release ‘Fitch Rates Port of Seattle LTGOs ‘AA-’, Downgrades Outstanding GOs on Criteria Revision; Upgrs Revs’, dated Jan. 23, 2017.
KEY RATING DRIVERS
Summary: The port’s intermediate lien revenue bond rating reflects the strong position in the Seattle market for both air service at Seattle-Tacoma International Airport (Sea-Tac) and cargo at the seaport. First lien coverage is strong at over 5.8x in 2016, while intermediate and subordinate lien coverage is also healthy in the 1.7x range per Fitch’s calculations. The considerable gap in debt coverage and leverage between first lien relative to the intermediate and subordinate lien coverages support the notch differential between the liens. While a sizable capital program is underway with additional borrowing expected for roughly 58% of the plan, leverage at the different lien levels is expected to remain consistent with the current rating levels.
Inslee visits Ridgefield, glimpses its future
Adam Littman, July 18, 2017, The Columbian
The blaring train horn wasn’t a planned part of the presentation for Gov. Jay Inslee, but Ridgefield City Manager Steve Stuart welcomed the distraction.
“You can see why we need the overpass now,” he said to Inslee at the Ridgefield boat launch Tuesday afternoon as an Amtrak sped by.
Inslee was in Ridgefield to tour the city. His visit started at the boat launch next to the Port of Ridgefield, and while Stuart and Port of Ridgefield CEO Brent Grening told him about the upcoming overpass project, they got an all-too-good example of why the overpass is such an anticipated project. Stuart said it wasn’t planned, but it also wasn’t unexpected.
New LB sign helps promote north end
July 18, 2017, Chinook Observer
A week after he was installed in office in 2015, Mayor Jerry Phillips met with current Port of Peninsula Commission Chairman Chris Anderson, who represents Long Beach on the commission, and current Port of Peninsula General Manager Jay Personius to discuss potential projects where Long Beach and the port district could team up.
Several initiatives resulted from that meeting, including a newly installed carved sign at the north end of Long Beach, the port said in a press release.
Phillips conceived of the sign as a way to add an artistic touch to the north end of Long Beach and tell visitors the direction and distance to Ocean Park. According to the port, he recognized that additional activities near Long Beach would enhance tourists’ overall experience and likely result in longer more enjoyable visits.
Quincy Valley Hospital officials hopeful of progress
Charles H. Featherstone, July 19, 2017, Columbia Basin Herald
Officials with Quincy Valley Hospital told Grant County commissioners on Monday they were hopeful arrangements in the work would put the hospital in a better financial position.
“There’s a big shift going on,” said Quincy Valley Hospital Interim CEO Glenda Bishop. “Hospitals are recognizing that their viability exists in numbers, in joint ventures and partnerships. Bigger health care systems see value in rural hospitals.”
Bishop told the commissioners that the hospital was looking at “three other potential partners” to help solve their current financial woes.
Crane raises sunken yacht at Bremerton Marina
Tad Sooter, July 18, 2017, Kitsap Sun
First it sank, then it flew.
The 80-foot yacht Eventide, which foundered at Bremerton Marina on July 8, was raised Monday evening by a Global Diving and Salvage crew. A crane lifted the wooden boat out of 50 feet of water, hoisted it high above lampposts on the breakwater and deposited it on a steel barge.
The salvage took 15 hours — wrapping up at about 10 p.m. — but progressed smoothly. Eventide was hauled to the Duwamish Waterway and will eventually be scrapped.
Extra work done on sand cap as part of Port Angeles Harbor cleanup
Jesse Major, July 19, 2017, Peninsula Daily News
Port of Port Angeles commissioners approved a work order and change order this week as part of the Western Port Angeles Harbor Group’s efforts to clean up the harbor.
The work order was approved Monday to retroactively fund extra work done on a sand cap that was installed to an inside portion of Ediz Hook last month.
The size of the sand cap was changed from 150 feet long by 30 feet wide to 280 feet long by 20 feet wide, and was completed with a barge-based clam shell instead of the land-based conveyor system that was originally planned, said Jesse Waknitz, environmental manager for the port.