S&P raises Port of Tauranga's credit rating to 'A-'

Tue, 27 Aug 2019

By Jenny Ruth Aug. 28 (BusinessDesk) - Port of Tauranga’s credit rating upgrade is “fantastic news” and makes it one of the few ports around the world with such a high credit rating, says chief executive Mark Cairns. That’s despite the port putting “a bit of pressure” on its balance sheet by continuing to pay special dividends. “That has quite an impact on our debt financing costs,” Cairns says. International ratings agency Standard & Poor’s raised the Tauranga port’s rating to 'A-' from 'BBB+' with a stable outlook because it “has...

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