Summary: Port Authority of New York&New Jersey; Appropriations; CP; Note; Ports/Port Authorities

S&P Global Ratings lowered its long-term rating on the Port Authority of New York&New Jersey's (PANYNJ) consolidated bonds to 'A+' from 'AA-'. The outlook is negative. At the same time, S&P Global Ratings assigned its 'A+' rating to the authority's $1.1 billion consolidated notes series AAA. The series AAA notes will be on par with other consolidated bonds. Note proceeds will be allocated to pay debt service on consolidated bonds and are available for any authorized purpose. The note rating reflects our view of the authority's low market risk; our long-term rating on its consolidated bonds (A+/Negative); and PANYNJ's strong legal authority to issue consolidated bonds to take out the notes, which mature on July 1, 2023. S&P

...S&P Global Ratings lowered its long-term rating on the Port Authority of New York & New Jersey's (PANYNJ) consolidated bonds to 'A+' from '##-'. The outlook is negative. At the same time, S&P Global Ratings assigned its 'A+' rating to the authority's $1.1 billion consolidated notes series ###. The series ### notes will be on par with other consolidated bonds. Note proceeds will be allocated to pay debt service on consolidated bonds and are available for any authorized purpose. The note rating reflects our view of the authority's low market risk; our long-term rating on its consolidated bonds (A+/Negative); and PANYNJ's strong legal authority to issue consolidated bonds to take out the notes, which mature on July 1, 2023. S&P Global Ratings also took the following rating actions: + Lowered the long-term rating on New York Liberty Development Corp.'s series 1WTC-2011 liberty revenue bonds to 'A+' from '##-'; + Lowered the long-term rating on Newark Housing Authority, N.J.'s series 2017 Port...

Summary