NEW YORK (Standard&Poor's) Dec. 3, 2004--Standard&Poor's Ratings Services assigned its 'AA-' rating to the Port Authority of New York and New Jersey's (PANYNJ) $350 million consolidated bonds, 138th Series. It also affirmed its ratings on $7 billion outstanding consolidated bonds and notes PANYNJ issued, and affirmed its 'A+' long-term rating on the outstanding $554.5 million Versatile Structure Obligations (VSO) Series 1-6. The short-term rating on the VSO is based on the ratings of each respective liquidity bank providing liquidity to each series. The VSO obligations are payable from the proceeds of obligations of the PANYNJ (including consolidated bonds) or from the net revenues in the PANYNJ's consolidated bond reserve fund, the last fund in the flow
