NEW YORK (Standard&Poor's CreditWire) Oct. 26, 2000--Standard&Poor's today assigned its double-'A'-minus rating to the Port Authority of New York and New Jersey's $300 million 120th series and $200 million 121st series consolidated bonds. At the same time, Standard&Poor's affirmed its double-'A'-minus rating on the authority's $5.9 billion consolidated bonds. The outlook is stable. The rating on the consolidated bonds reflects: -- A first lien on a strong and diverse pledged revenue stream with substantial liquid reserves totaling more than $1.6 billion available to bondholders; -- Strong demand in metropolitan New York/New Jersey for the authority's services and facilities; -- Solid financial operations, overall profitability, and debt service coverage; and -- A substantial five-year capital
