NEW YORK (Standard&Poor's) Aug. 29, 2003--Standard&Poor's Ratings Services assigned its 'AA-' rating to the Port Authority of New York and New Jersey's $300 million consolidated bonds, 132nd series. The ratings on all outstanding consolidated notes and bonds issued by the Port Authority also were affirmed. "Although traffic levels at the three major airports appear to be rebounding, we expect the recovery at the airports to be relatively slow and gradual, which in turn will prolong the Port Authority's recovery, causing reduced revenue flexibility," said Standard&Poor's credit analyst Laura Macdonald. "Should the demand profile for these airports not recover over the intermediate term, producing notable erosion in financial performance, or if the Port Authority's capital
