Summary: Newark Housing Authority, New Jersey Port Authority of New York and New Jersey; Ports/Port Authorities

S&P Global Ratings affirmed its 'AA-' long-term rating on Newark Housing Authority (NHA), N.J.'s series 2017 Port Authority-Port Newark Marine Terminal additional rent-backed refunding bonds, using its "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises" criteria, published March 12, 2018. The outlook is stable. Annual payments from the Port Authority of New York and New Jersey (PANYNJ or the port authority), together with money held in the debt service reserve fund (DSRF), secure the bonds. The 'AA-' rating on the NHA's bonds reflects our assessment of the PANYNJ's general creditworthiness, and that we consider the lease payments to be an operating expense of the port authority and are not subject to any appropriation risk. The $12.5 million lease payment securing the

...S&P Global Ratings affirmed its '##-' long-term rating on Newark Housing Authority (NHA), N.J.'s series 2017 Port Authority-Port Newark Marine Terminal additional rent-backed refunding bonds, using its "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises" criteria, published March 12, 2018. The outlook is stable. Annual payments from the Port Authority of New York and New Jersey (PANYNJ or the port authority), together with money held in the debt service reserve fund (DSRF), secure the bonds. The '##-' rating on the NHA's bonds reflects our assessment of the PANYNJ's general creditworthiness, and that we consider the lease payments to be an operating expense of the port authority and are not subject to any appropriation risk. The $12.5 million lease payment securing the bonds is part of the PANYNJ's annual operating expenses before depreciation and amortization, which totaled $3.1 billion in 2017. The City of Newark, N.J., and the port authority entered a lease with...

Summary