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Released: 9/3/2026
DRPA’s Management and Finances Earn “Very Strong” Assessment
Credit rating agency S&P Global Ratings cites experienced leadership, disciplined planning and declining debt
S&P Global Ratings, a major credit rating agency, assessed the Delaware River Port Authority’s management and finances as “very strong” in its latest report, citing experienced leadership, disciplined financial planning and declining debt.
“The authority’s management and governance is very strong, in our view, reflecting its strategic positioning, risk management and financial management, and organizational effectiveness,” S&P stated in the September 2 report.
The report lists DRPA’s toll revenue bonds at AA- and port district project bonds at A+, both with a stable outlook. These ratings reflect S&P’s assessment of the authority’s ability to meet its debt obligations.
S&P credited DRPA’s management team for its “considerable expertise and experience” and noted that it “takes a conservative approach to financial and capital planning.” The report highlighted how effective management actions support a resilient and sustainable system.
S&P also noted practices that support those efforts, including a biennial consulting engineer’s report to guide maintenance and future investment, annual updates to the five-year capital plan, and monthly reviews of revenue and expenses.
“The public sees our bridges and trains every day, but may not always see the planning and financial management that go into keeping them operating,” said DRPA CEO John T. Hanson. “This assessment recognizes years of work by our Board of Commissioners and employees, along with valuable input from our Citizen’s Advisory Committee. We have a responsibility to manage toll and fare revenues prudently and leave our bridges and transit system in better shape for future generations. Everyone should be proud of this recognition.”
Annual debt payments are expected to decline by approximately 40%, from $120 million in recent years to $72 million beginning in 2026. S&P said the reduction provides “surplus revenue and flexibility to fund its capital needs without the need for additional borrowing.”
DRPA’s approximately $1.1 billion capital plan through 2030 includes rehabilitation, repairs, construction and technology improvements across its four bridges and PATCO system. The authority expects to fund the plan through operating revenue, a portion of available cash reserves, and $255.6 million in federal and state grants, without additional borrowing.
S&P’s stable outlook reflects its expectation that revenues supported by the September 2024 toll increase, declining debt levels, and generally steady traffic trends will continue to support DRPA’s financial position.
The report provides an updated assessment of DRPA’s creditworthiness and does not constitute a rating action.
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