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Houston Port Authority Leverages for $87.3-Mil Bond Sale

HOUSTON-The Port of Houston Authority has its rating in place for an Oct. 22 bond sale that will help finance its share of a $660-million channel project and engineering costs for a $1.2-billion terminal that's on the drawing boards. Fitch renders an AA+ ranking.

By Jennifer Brenner Andrade | Updated on October 11, 2001

HOUSTON-The Port of Houston Authority secures an AA+ rating from Fitch Inc. for the deepening and widening of the Houston Ship Channel. A Port source tells GlobeSt.com the improvement project has been ongoing. The Port is responsible for $130 million of the costs and the feds, $530 million.

The authority will hold the bond sale Oct. 22. A $17.3-million bond series will be used to pay a portion of the channel construction. A $70-million bond series will fund engineering studies for the initial phase of a new container terminal. It’s a $1.2-billion undertaking that will require public hearings once engineering studies are done, says the contact. The project’s full scope will take 10 to 15 years for build-out.

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