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S&P Global Ratings improves Halifax Port Authority’s outlook

S&P Global Ratings has revised the Halifax Port Authority's (HPA) outlook from stable to positive and affirmed HPA’s investment-grade credit rating of A+.

"We view HPA’s management and governance assessment as very strong. We consider management to be experienced and knowledgeable regarding markets and the industry. Its policies and governance have consistently allowed it to meet its financial and operational goals," states the report.

Senior Vice President of Halifax Port Authority, Paul MacIsaac welcomed this revision and noted that "the organisation and all of the associated partners who make up the Port of Halifax collectively worked very hard in 2020 to manage expenses and keep cargo moving during extremely challenging conditions."

"HPA entered the pandemic on the back of a very strong financial profile, with low debt, minimal capital needs, and a large proportion of revenues stemming from fixed, long-term rental contracts, which help mitigate our exposure to volatile container traffic," pointed out MacIsaac.

The Port of Halifax is Canada’s Atlantic Gateway, connecting to more than 150 countries. In 2020, the total impact of the Port of Halifax on the Province of Nova Scotia was over US$3.6 billion in economic output with the direct portion being US$2.3 billion.

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