Port Authority Of New York&New Jersey Bond Rating Raised To 'AA-' From 'A+' On Improved Enterprise Profile

NEW YORK (S&P Global Ratings) May 6, 2022--S&P Global Ratings raised its long-term rating on the Port Authority of New York&New Jersey's (PANYNJ) consolidated bonds and notes to 'AA-' from 'A+'. At the same time, S&P Global Ratings assigned its 'AA-' rating with a stable outlook to the PANYNJ's pro forma $340 million series 230th (non-AMT) and $570 million 231st series (AMT) consolidated bonds. S&P Global Ratings also took the following rating actions: Raised the long-term rating on New York Liberty Development Corp.'s series 1WTC-2021 liberty revenue bonds to 'AA-' from 'A+'; Raised the long-term rating on Newark Housing Authority, N.J.'s series 2017 Port Authority-Port Newark Marine Terminal additional rent-backed refunding bonds to 'AA-' from 'A+'; Raised the

...May 6, 2022 NEW YORK (S&P Global Ratings) May 6, 2022--S&P Global Ratings raised its long-term rating on the Port Authority of New York & New Jersey's (PANYNJ) consolidated bonds and notes to '##-' from 'A+'. At the same time, S&P Global Ratings assigned its '##-' rating with a stable outlook to the PANYNJ's pro forma $340 million series 230th (non-AMT) and $570 million 231st series (AMT) consolidated bonds. S&P Global Ratings also took the following rating actions: - Raised the long-term rating on New York Liberty Development Corp.'s series 1WTC-2021 liberty revenue bonds to '##-' from 'A+'; - Raised the long-term rating on Newark Housing Authority, N.J.'s series 2017 Port Authority-Port Newark Marine Terminal additional rent-backed refunding bonds to '##-' from 'A+'; - Raised the long-term rating on the PANYNJ's series 2021A liberty revenue bonds to 'A+' from 'A' based on the weakest link between New York City and the PANYNJ; and - Raised the short-term rating on the authority's commercial...

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