The rating reflects Standard&Poor's continuing view that the Port Authority of New York and New Jersey's financial profile has remained strong enough to support the existing ratings due to its diversity of operations, very strong liquidity, and critical position in the region, along with anticipated solid debt service coverage for the current and upcoming fiscal year. The Port Authority's airports--LaGuardia Airport (LGA), John F. Kennedy International Airport (JFK), and Newark International Airport (EWR)—-are expected to continue to be negatively affected over the intermediate to longer term as a result of the airlines experiencing weak traffic levels, reduced financial margins and liquidity, general instability, and higher costs and debt levels than previously expected. The negative outlook is based on
