NEW YORK (Standard&Poor's) May 30, 2002—Standard&Poor's assigned its triple-'A'-rating and double-'A'-minus underlying rating (SPUR) to Port Authority of New York and New Jersey's $300 million series 127 consolidated bonds. The outlook is negative. "The rating reflects our continuing view that the Port Authority's financial profile has remained strong enough to support the existing ratings because of its diversity of operations, very strong liquidity, and critical position in the region, along with anticipated solid debt service coverage for the current and upcoming fiscal year," said credit analyst Joseph Pezzimenti. The negative outlook is based on the slow recovery in air traffic demand at the three airports, which could prolong the financial recovery of the Port Authority since
