Last week, the Port Authority celebrated its 100th project financed through the Northwest Ohio Bond Fund, which has a national rating of “A” from S&P Global Ratings. This project provides $8,000,000 to support Midwest Terminals, operator of the Port of Toledo’s General Cargo Dock, to finance the construction of a liquid transloading facility at the Port of Toledo.
This is a significant milestone as The Port Authority’s Northwest Ohio Bond Fund was the first municipal bond fund established in the state of Ohio and has allowed the Port Authority to finance new business and business expansion throughout the state.
Since its inception in 1988, the Bond Fund has provided $446 million in direct financing proceeds, which has resulted in the creation and retention of over 8,700 jobs.
S&P Global Ratings (S&P) recently announced an upgrade to the Port Authority’s Bond Fund rating from an “A-” to an “A” investment-grade rating with a stable outlook. Key factors contributing to the upgrade include an increased investment in the Bond Fund Reserves, the diversification of projects, and a zero percent default rate to bondholders.
Check out photos of the closing of the 100th bond project!
