...September 18, 2024 NEW YORK (S&P Global Ratings) Sept. 18, 2024--S&P Global Ratings assigned its '##-' rating to the Port Authority of New York & New Jersey's (PANYNJ) pro forma $550 million 245th series and $450 million 246th series consolidated bonds. The outlook is stable. "Our rating reflects PANYNJ's vital role in the region and the diversity of the authority's operations and our expectation that PANYNJ will adjust rates, charges, expenses, and capital spending to maintain S&P Global Ratings-calculated coverage at 1.4x-1.5x, debt to EBIDA between 10x and 15x, unrestricted days' cash on hand over 400, and unrestricted reserves to debt at about 12%," said S&P Global Ratings credit analyst Joe Pezzimenti. The stable outlook reflects our expectation that the PANYNJ will adjust revenues, expense, and capital spending as needed to maintain financial metrics (S&P Global Ratings-calculated) consistent with the current rating. We could lower the rating during the two-year outlook period if...
