Fitch upgrades Galveston Wharves revenue bonds to ‘A+’
The ratings agency cited sustained growth in cruise activity and strong financial performance at the Port of Galveston.
Fitch Ratings has upgraded its rating on outstanding Galveston Wharves revenue bonds from ‘A’ to ‘A+’ as the Port of Galveston expands its cruise operations.
The agency attributed the higher rating to sustained cruise-activity growth, which it said has supported strong financial performance and produced metrics aligned with an ‘A+’ assessment.
About $198.5 million in bonds were issued in 2024 to finance construction of the port’s fourth cruise terminal. The Port of Galveston opened the facility in November 2025 to serve as a homeport for MSC and Norwegian cruise lines.
Further expansion is also under consideration. The port is moving ahead with plans for a fifth cruise terminal in response to demand projected in its long-range master plan.