Port Authority Of New York&New Jersey 221st, 222nd Series Consolidated Bonds Assigned 'A+' Rating - S&P Global Ratings’ Credit Research

Port Authority Of New York&New Jersey 221st, 222nd Series Consolidated Bonds Assigned 'A+' Rating

Port Authority Of New York&New Jersey 221st, 222nd Series Consolidated Bonds Assigned 'A+' Rating - S&P Global Ratings’ Credit Research
Port Authority Of New York&New Jersey 221st, 222nd Series Consolidated Bonds Assigned 'A+' Rating
Published Jul 09, 2020
3 pages (1351 words) — Published Jul 09, 2020
Price US$ 150.00  |  Buy this Report Now

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Abstract:

FARMERS BRANCH (S&P Global Ratings) July 9, 2020--S&P Global Ratings assigned its 'A+' rating to the Port Authority of New York&New Jersey's (PANYNJ) 221st and 222nd series consolidated bonds, using its "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises" criteria. The outlook is negative. The new bonds will be on par with PANYNJ's other consolidated bonds. The 221st and 222nd series bond proceeds will fund capital projects in connection with facilities of the PANYNJ or refund other obligations. "The rating reflects our expectation that activity levels will be severely or materially depressed or unpredictable for 2020 and beyond due to COVID-19 outbreaks and associated impacts that we believe are outside of management's control," said S&P Global Ratings credit analyst

  
Brief Excerpt:

...July 9, 2020 FARMERS BRANCH (S&P Global Ratings) July 9, 2020--S&P Global Ratings assigned its 'A+' rating to the Port Authority of New York & New Jersey's (PANYNJ) 221st and 222nd series consolidated bonds, using its "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises" criteria. The outlook is negative. The new bonds will be on par with PANYNJ's other consolidated bonds. The 221st and 222nd series bond proceeds will fund capital projects in connection with facilities of the PANYNJ or refund other obligations. "The rating reflects our expectation that activity levels will be severely or materially depressed or unpredictable for 2020 and beyond due to COVID-19 outbreaks and associated impacts that we believe are outside of management's control," said S&P Global Ratings credit analyst Todd Spence. The rating also reflects a very strong enterprise risk profile and a strong financial risk profile. The very strong enterprise risk profile reflects the PANYNJ's vital role...

  
Report Type:

Ratings Action

Issuer
Port Auth of New York&New Jersey
Sector
Global Issuers, Public Finance
Country
United States
Region
United States
Format:
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MLA:
S&P Global Ratings’ Credit Research. "Port Authority Of New York&New Jersey 221st, 222nd Series Consolidated Bonds Assigned 'A+' Rating" Jul 09, 2020. Alacra Store. May 14, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Port-Authority-Of-New-York-New-Jersey-221st-222nd-Series-Consolidated-Bonds-Assigned-A-Rating-2475801>
  
APA:
S&P Global Ratings’ Credit Research. (). Port Authority Of New York&New Jersey 221st, 222nd Series Consolidated Bonds Assigned 'A+' Rating Jul 09, 2020. New York, NY: Alacra Store. Retrieved May 14, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Port-Authority-Of-New-York-New-Jersey-221st-222nd-Series-Consolidated-Bonds-Assigned-A-Rating-2475801>
  
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