NEW YORK (Standard&Poor's) July 23, 2004--Standard&Poor's Ratings Services assigned its 'AA-' rating to the Port Authority of New York and New Jersey's (PANYNJ) $250 million consolidated bonds, 137th series. The outlook is stable. Standard&Poor's also affirmed its 'AA-' rating on the PANYNJ $7.6 billion outstanding consolidated bonds, and its 'A+/A-1+' rating on the PANYNJ's outstanding $554.5 million versatile structure obligations (VSO) Series 1-6. The short-term rating on the VSO obligations 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
