(Editor's note: This article was originally published Aug. 5, 1998. It is being republished now for RatingsDirect.) The rating on the Port Authority of New York and 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. These three operating divisions provide revenues sufficient to cover operating costs, as well as marginal operating results at the marine terminals and economic development projects; the three divisions also provide sizable operating deficits at the Port Authority Trans-Hudson Corp. (PATH) commuter rail
