VICTORIA, Dec. 14 /CNW/ - BC Ferries has been advised by DBRS Limited (DBRS) that the credit rating agency has upgraded the company's long-term rating from A (low) to "A".
"We're pleased that DBRS recognizes the sound financial position of our company with this strong investment-grade credit rating," said Rob Clarke, BC Ferries' EVP and CFO. "In this challenging economy, BC Ferries has managed the company in a fiscally prudent manner while implementing a massive newbuild program at the same time."
In a news release, DBRS says, "The operating framework is mature and remains responsive, spending discipline continues to be displayed and the recent successful completion of BC Ferries' large vessel renewal plan should help coverage ratios stabilize at sound levels."
DBRS goes on to acknowledge BC Ferries' tight management of service offerings and expenses as an important factor contributing to this upgrade.
DBRS's news release can be viewed at www.dbrs.com.
SOURCE British Columbia Ferry Services Inc.
For further information: For further information: Media Contact: BC Ferries, Media Relations, Victoria: (250) 978-1267; Customer Contact: Victoria: (250) 386-3431, Toll-free: 1-888-BCFERRY (1-888-223-3779)