signs new operating agreement for Ketchikan Shipyard
October 15, 2005
Governor Murkowski praised AIDEA and its Board of Directors saying both announcements are proof that they are working in the right direction to create jobs and provide better returns to Alaskans from the state's asset agencies. "The higher rating is evidence that AIDEA has been doing a good job diversifying and increasing its portfolio for the health of AIDEA's future investment-making potential," said Murkowski. "When AIDEA makes good investments in quality economic development projects in the state, it translates into more jobs for Alaskans and the potential for future investments."
AIDEA's Executive Director Ron Miller said the Board's decision to approve the agreement with ASD for operation of the AIDEA-owned Ketchikan Shipyard means jobs for Alaskans. "The shipyard currently employs more than 90 workers. With the planned shipyard expansion, it could one day employ 250-300 Alaskans," said Miller.
CREDIT RATING UPGRADE
On October 7th, S&P upgraded AIDEA's credit rating from "A-" to "A" commenting that the new rating reflects the following:
What Does the New Credit Rating
Mean? This rating brings the S&P rating in line with the
AIDEA's rating from Moody's, which is A2. Both ratings now have
AIDEA firmly planted in the middle of the "A" range
NEW OPERATING AGREEMENT FOR KETCHIKAN SHIPYARD
Features of the new shipyard operating agreement with Ketchikan's Alaska Ship and Drydock, Inc. include:
Alaska Ship and Drydock has operated the shipyard under agreement with AIDEA since 1997 and looks forward to working under the new agreement. In his comments at the AIDEA Board meeting yesterday, ASD President Randy Johnson said, " In all the years I have been operating the shipyard, I have never seen the commitment from AIDEA Board and staff that I have in the last three years. AIDEA staff were hard negotiators, but we ended up with a solid operating agreement," said Johnson.
AIDEA Chairman Mike Barry said
the good news does not mean AIDEA can rest on its laurels. "We
have made good progress since the new Board and management started
in January 2003, but we have much more to do in diversifying
Alaska's economy," said Barry.
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