Finance: U.S. Virgin Islands

Virgin Islands Port Authority Receives BBB+ Rating from Standard and Poor’s

Standard & Poor's Ratings Services has affirmed its BBB+ rating on the Virgin Islands Port Authority's 2014A, B, and C marine revenue bonds. S&P has classified VIPA’s financial outlook as "stable."

VIPA has maintained this rating for the past three years.

Port Authority Executive Director Carlton Dowe said the BBB+ rating indicates that VIPA is properly managing its financial portfolio, and making timely payments on the bonds that were issued in 2014 to finance several major capital improvement projects.

"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," Mr. Dowe noted. "Simultaneously, we are keeping current with payments and meeting all of our obligations to ensure that VIPA maintains its solid financial standing. The S&P’s BBB+ rating confirms that we have been successful."