NEW YORK (Standard&Poor's) April 9, 2002--Standard&Poor's said today that it affirmed its outstanding ratings on the Port Authority of New York and New Jersey and removed the ratings from CreditWatch with negative implications, where they were placed on Sept. 20, 2001, in the wake of the events of Sept. 11 and the ensuing precipitous drop in air traffic. The outlook on the ratings has been changed to negative from stable. In addition, Standard&Poor's said that it assigned its 'SP-1'-plus rating to the Port Authority's $200 million consolidated notes, Series TT, and double-'A'-minus rating to the Port Authority's $300 million consolidated bonds, 125th series. "The rating affirmation reflects our view that the Port Authority's financial
