Port Authority of New York&New Jersey; Appropriations; CP; Ports/Port Authorities

S&P Global Ratings has assigned its 'AA-' rating to the Port Authority of New York&New Jersey's (PANYNJ) pro forma $250 million 200th, $300 million 201st, and $445 million 202nd series consolidated bonds. The outlook is stable. At the same time, S&P Global Ratings affirmed its 'AA-' rating, with a stable outlook, on the PANYNJ's existing consolidated bonds. The new bonds will be on par with all other consolidated bonds. We expect officials to use bond proceeds to fund capital projects in connection with authority facilities and to refund some consolidated bonds and a portion of commercial paper outstanding. Depending on market conditions the PANYNJ may reduce the par amount on the 202nd series bonds to accommodate up two

...S&P Global Ratings has assigned its '##-' rating to the Port Authority of New York & New Jersey's (PANYNJ) pro forma $250 million 200th, $300 million 201st, and $445 million 202nd series consolidated bonds. The outlook is stable. At the same time, S&P Global Ratings affirmed its '##-' rating, with a stable outlook, on the PANYNJ's existing consolidated bonds. The new bonds will be on par with all other consolidated bonds. We expect officials to use bond proceeds to fund capital projects in connection with authority facilities and to refund some consolidated bonds and a portion of commercial paper outstanding. Depending on market conditions the PANYNJ may reduce the par amount on the 202nd series bonds to accommodate up two additional series of parity bonds. We consider this potential alternative plan of finance credit neutral given that the aggregate par amount and uses of bond proceeds will not change. S&P Global Ratings also affirmed its '##-' rating, with a stable outlook, on New York...

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