LAKE CHARLES, LA (KPLC) - S&P Global Ratings and Moody’s Investor Service raised the Port of Lake Charles bond rating in the month of April, an economic win for The Port of Lake Charles.
This means if the port ever needs to take out a loan, the rate of interest they have to pay decreases because of their current grade.
The increase was given due to management, financial position, and strong economic fundamentals.
“The port represents and economic engine that provides a lot of different services to the community," Bill Rase, executive director of the port said. "Having a good bond rating is something that industry is interested in and what that enables us to do is not only take care of the port in general, but take care of all the industries that also participate in their business through the port.”
The port effects 41 industries. Rase said this upgrade in ratings means security and growth for Southwest Louisiana.
“Anybody that’s looking to do business in the Lake Charles area can lookup the Port of Lake Charles. find out what their ratings are find out that we’re very strong and very substantial," Rase said. "Therefore they can invest in this area because they have a little more comfort that the port will be very viable for them.”