S&P Global Ratings revised HPA’s Outlook to Positive from Stable and affirmed HPA’s investment-grade credit rating of A+.

The report states, “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.”

“The organization 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,” said Paul MacIsaac, Senior Vice President, Halifax Port Authority. “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.”