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S&P ups Virginia Port, rates bonds SP-1+
Standard & Poor's said it raised its underlying rating to A+ from A on the Virginia Port Authority's port facilities revenue bonds, reflecting the port's continued growth in container volumes and strong debt service coverage, despite competition from the new A.P. Moeller-Maersk container terminal.
The outlook is stable.
At the same time, S&P said it assigned its short-term SP-1+ rating to the port authority's $65 million series 2008 subordinate port facilities revenue bond anticipation notes (BANs).
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