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August 19, 2026
GALVESTON, TX (Aug. 20, 2026) – Fitch Ratings has raised its rating on outstanding Galveston Wharves revenue bonds to ‘A+’ from ‘A’. Approximately $198.5 million in bonds were issued in 2024 to fund construction of the port’s fourth cruise terminal. The Galveston Wharves operates the Port of Galveston, the fourth busiest cruise port in the U.S.
According to Fitch, “The upgrade reflects the port's sustained growth in cruise activity, which has supported strong financial performance and metrics consistent with an 'A+' rating. Fitch expects significant cruise and cargo capital investments completed or underway to support long-term revenue growth.”
Rodger Rees, Galveston Wharves port director and CEO, said, “This upgrade continues to reinforce our solid financial position and strong fiscal policy to the investing public. It also confirms the independent rating agency’s strong confidence in the cruise industry. The upgrade directly benefits the port by helping us lower borrowing costs.”
The Fitch announcement stated that “the rating reflects the port's sizable market position as a leading cruise-focused port and the largest cruise port in the Gulf of Mexico. While exposure to cruise traffic and tourism makes the port more susceptible to economic cycles, cruise line operating agreements with minimum annual guarantees provide some protection against revenue volatility in a normal operating environment.”
As one example of long-term growth, the port is advancing plans for a fifth cruise terminal to meet market demand, as forecast in its long-range master plan. Fueled by continued cruise revenue growth and conservative fiscal practices, the port has already invested operating reserves in major capital projects, including a $106 million cargo complex expansion, an internal roadway and other improvements.
As a self-sustaining city entity, the port generates and reinvests revenue from operations, bonds and grants to create economic growth, jobs and other benefits for the Galveston region.
Rees said, “This independent evaluation points to a bright future for the port’s cruise business and our plans to reinvest port revenues in infrastructure to grow our cruise, cargo and commercial business sectors. This improved bond rating will allow us to fund the bonds at a lower interest rate, which is always great news.”
About the Port of Galveston
Located at the entrance to Galveston Bay and the Houston Ship Channel, Galveston Wharves has been a thriving maritime commercial center since 1825. Just 45 minutes from open seas, the 840-acre port has infrastructure and assets to serve growing cruise, cargo and commercial businesses. As the fourth most popular U.S. cruise port, Galveston will welcome almost 2 million cruise passengers in 2026, a new record for the port. As one of the busiest cargo ports in Texas, Galveston also moves about 3 million tons of cargo annually.
The Port of Galveston opened its fourth cruise terminal in November 2025 to homeport the MSC and Norwegian cruise lines. Galveston is the fourth most popular cruise port in the U.S. and will welcome almost 2 million cruise passengers this year.