Fitch Ratings has upgraded Galveston Wharves revenue bonds to ‘A+’ from ‘A,’ citing sustained cruise growth and strong financial metrics. The rating covers roughly $198.5 million in bonds issued in 2024 to fund the port’s fourth cruise terminal, opened in November 2025 to homeport MSC and Norwegian cruise lines. Galveston, the fourth busiest U.S. cruise port, expects nearly 2 million passengers this year and is advancing plans for a fifth terminal alongside a $106 million cargo complex expansion. Port officials say the upgrade will help lower future borrowing costs.