DALLAS - Moody's Investors Service assigned a negative outlook to $24.6 million of debt issued by Galveston Wharves Dec. 2, indicating a potential downgrade to the Texas port's Baa1 rating.

"The negative outlook reflects the losses in cargo volumes and cruise service just as the port faces increased debt service starting due to the full amortization of debt issued by the City of Galveston for port projects," said Moody's analyst Myra L. Shankin.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.