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Dubai Dispute Unlikely to Affect Port of Tampa's Bond Ratings

Posted on: Thursday, 9 March 2006, 21:00 CST

By Ted Jackovics, Tampa Tribune, Fla.

Mar. 10--TAMPA -- Moody's Investors Service issued a report Thursday that bond ratings for the Port of Tampa were unlikely to be affected by the outcome of the political controversy involving seaport terminal operator Dubai Ports World.

DP World this week purchased a company with a subsidiary the Port of Tampa wants to operate its container cargo terminal.

The Moody's report said if DP World is forced to sell its P&O North America assets because of congressional opposition to the deal -- an option the company indicated Thursday is likely -- such an outcome would not significantly disrupt operations at any U.S. port with P&O operations.

Even if DP World, owned by the Dubai government, went ahead with its original goal to maintain the U.S. subsidiaries of the former British-owned firm it acquired, Peninsular & Oriental Steam Navigation Co., that deal would not have a negative credit impact on any U.S. ports involved, the Moody's report said.

Moody's rates four of the 21 ports with P&O North America operations or pending operations. That includes the Port of Tampa, which has an A2/stable bond rating. Moody's ratings range from the high of A3 through C.

"We were not surprised by the Moody's information," Port of Tampa chief financial officer Mike Macaluso said.

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Source: Tampa Tribune

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