The 'AA-' 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 and substantial liquid reserves. Revenue is generated through the operation of three commercial airports serving the New York region, six interstate bridges and tunnels, and office rental space in the World Trade Center (9.5 million square feet). Last week, the Port Authority's executive director, George Marlin, indicated that he would not seek reappointment later this year for a succeeding two-year term. Mr. Marlin has been successful in reducing the authority's operating expenses and improving resource efficiencies over the past two years. He leaves behind an experienced and knowledgeable management team that
