NEW YORK (Standard&Poor's) June 12, 2012--Standard&Poor's Ratings Services has assigned its 'AA-' rating, with a stable outlook, to the Port Authority of New York and New Jersey's (PANYNJ) $300 million consolidated bonds, 173rd series. At the same time, Standard&Poor's assigned its 'SP-1+' short-term rating to PANYNJ's $300 million consolidated notes, series ZZ, maturing Dec. 1, 2012. "The 'SP-1+' rating on the ZZ notes reflects our 'AA-' long-term rating on the PANYNJ consolidated bonds," said Standard&Poor's credit analyst Joseph Pezzimenti. It also reflects a low market risk profile, as PANYNJ has strong authority to take out the temporary bonds with proceeds from consolidated bonds before maturity, strong market access, and information disclosure. Standard
