Halifax Port Authority Outlook remains positive by S&P Global Ratings; Credit Rating of ‘A+’ Affirmed

August 18, 2022, Halifax, N.S. – S&P Global Ratings has affirmed HPA’s investment-grade credit rating of A+. The outlook remains positive.

The report states, “Despite economic headwinds and continuing supply chain issues, the Halifax Port Authority’s (HPA's) financial profile will remain healthy, supported by a large proportion of stable rental revenues and a low debt burden.”

“HPA experienced the impacts of COVID-19 as it did the entire world. However, continued operation of most of our business lines helped us weather the COVID storm,” said Paul MacIsaac, Senior Vice President. “Operating expenses were maintained at a level consistent with the prior year which was low compared to pre-COVID years. The people, organizations and partners that make up the Port of Halifax worked incredibly hard to ensure operations continued to run smoothly during a second year of global upheaval and uncertainty. We cannot overstate the invaluable work of our entire port community these past two years.”

About the Port of Halifax:

The Port of Halifax is Canada’s Ultra Atlantic Gateway, connecting to more than 150 countries. In 2021, the total impact of the Port of Halifax on the Province of Nova Scotia was $4.37 billion in economic output with the direct portion being $2.72 billion. This level of activity generated direct and spin-off positive impacts of $2.22 billion in GDP, $1.42 billion in labour income and over 22,400 jobs.

Offering a natural, deep harbour and big ship infrastructure, Halifax can accommodate large volumes of containerized cargo, bulk cargo and project cargo. Collaborating and working with strong partners and stakeholders, the Port community in Halifax continues to deliver excellence.

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Lane Farguson
Director, Communications & Marketing
Halifax Port Authority
Ph. (902) 426-7375
lfarguson@portofhalifax.ca