Moody's Investor Services, an independent bond credit rating for stocks, bonds and government entities, recently issued a very positive report about Galveston Wharves financial performance. As a result of its research, the respected entity upgraded the port's credit rating.

The positive news is especially remarkable considering the impacts of the pandemic on the global economy and the port's business in particular.

The Moody's report, presented at the May 25 Galveston Wharves Board meeting stated: "The Galveston Wharves Board of Trustees profile reflects adept budget control after facing a prolonged halt of cruises ...," and that "the port's good liquidity position remained intact and slightly improved over 2019, without neglecting critical capital investment."

The report also noted the port's low debt burden, cargo and lay dockage gains, and a one-third reduction in operating expenses to mitigate cruise revenue loses.

These comments from a highly respected third-party reflect positively on Port Director Rodger Rees and his staff during particularly challenging times.

With management's ability to weather the storm during rough times, the return of cruise business will really prove beneficial to the self-sustaining port and Galveston Island's economy.

Albert Shannon

Chairman, Galveston Wharves Board

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(1) comment

Charlotte O'rourke

The pandemic has been rough on all businesses including the port’s quoted $40 million lost revenue.

In 2018 the port had an A- rating. What is the rating now? Did I miss it in the editorial?

I was surprised at the last meeting that the port voted to refinance bonds and a potential non revolving loan.

Why not use local banks? I didn’t hear any comparisons of rates or banks and I would expect comparisons for the best terms.

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