The rating on the Port Authority of New York&New Jersey's consolidated bonds and notes reflects: A first lien on a strong and diverse pledged revenue stream; Substantial liquid reserves totaling over $1.1 billion; The metropolitan New York/New Jersey region's strong demand for the authority's services; Solid financial operations, overall profitability, and debt service coverage; and A comprehensive $6.2 billion capital improvement program (CIP). Standard&Poor's has credit concerns with the following: Land lease negotiations with the city of New York over the property on which John F. Kennedy (JFK) International Airport and LaGuardia International Airport are located, Port dredging projects that will impact maritime operations profitability and competitive positioning, Management and ultimate resolution over operation of the
