Moody’s affirms Baa2 rating for Port of Guam

Moody’s Ratings has affirmed the Port Authority of Guam’s Baa2 revenue bond rating with a stable outlook, according to an announcement published by the port on 7 August. The underlying Moody’s rating action was issued on 6 August and maintains the authority’s existing investment-grade rating. The latest decision follows a December 2025 credit analysis in which Moody’s identified the port’s position as Guam’s sole commercial port, low leverage and liquidity as credit strengths, while highlighting its small scale, customer concentration and exposure to environmental risks. The Port Authority operates the Jose D. Leon Guerrero Commercial Port of Guam, which handles more than 90 per cent of the island’s imported cargo. Approximately 30 per cent of imports are related to military activity, according to Moody’s December analysis. The port has six cargo-handling berths alongside container and industrial terminal facilities. Its estimated capacity stands at around 192,000 containers, compared with approximately 83,574 containers, equivalent to 147,469 TEUs, handled in fiscal 2025. Moody’s said in its December assessment that management expected modest container growth during fiscal 2026, alongside stronger non-containerised cargo activity linked partly to construction projects and the expansion of US military facilities on Guam. Financially, the authority recorded operating revenue of $58.7 million in fiscal 2024. Revenue bonds outstanding at the end of the period stood at $57.2 million, while unrestricted cash and discretionary reserves totalled approximately $50 million. The port has also been pursuing a multi-year tariff adjustment after operating rates remained largely unchanged while costs increased. Moody’s December assessment referred to a proposed 17 per cent increase to be phased in through fiscal 2027. Its capital programme includes projects aimed at modernising existing assets and improving infrastructure resilience, funded through a combination of bond proceeds, grants and local resources. The latest Moody’s action leaves both the Baa2 rating and stable outlook unchanged. For more information: Port of Guam – https://www.portofguam.com/