Standard and Poor’s Global Ratings upgraded the Port of Tacoma’s limited tax general obligation bond credit rating from “AA” to “AA+” and affirmed a stable outlook on its outstanding general obligation bonds, recognizing the Port’s ongoing commitment to financial stability and viability.  

Additionally, S&P upgraded the Port’s senior lien revenue bond credit rating from “AA” to “AA+” and its subordinate lien revenue bond credit rating from “AA-” to “AA”, also affirming a stable outlook on both liens.

“These rating upgrades reflect the Port’s commitment to fiscal responsibility,” said Kristin Ang, Port of Tacoma Commission President. “We are strongly positioned to meet our financial commitments while continuing to drive job creation and economic growth in Pierce County.”

S&P is one of the major agencies that considers the general creditworthiness of entities that issue debt, including governments. 

The higher credit rating came during S&P’s review of U.S. not-for-profit transportation infrastructure enterprise (TIE) issuers, such as seaports, airports, and transit agencies, benefiting from strong and diverse tax support which helps smooth revenue volatility. The Port of Tacoma is among just six percent of TIE issuers to see a positive rating change from the S&P review.