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

S&P Global Ratings assigned its 'AA-' rating to the Port Authority of New York&New Jersey's (PANYNJ) pro forma $625 million 248th series consolidated bonds. We also affirmed our 'AA-' long-term rating and underlying rating (SPUR) on PANYNJ's consolidated bonds outstanding. In addition, we affirmed our 'AA-' long-term rating on New York Liberty Development Corp.'s series 1WTC-2021 liberty revenue bonds and our 'AA-' long-term rating on the Newark Housing Authority, N.J.'s series 2017 Port Authority-Port Newark Marine Terminal additional rent-backed refunding bonds. Annual payments from the PANYNJ, together with money held in the debt service reserve fund (DSRF), secure the bonds. We consider the lease payments to be an operating expense of PANYNJ and are not subject to any appropriation

...+ S&P Global Ratings assigned its '##-' rating to the Port Authority of New York & New Jersey's (PANYNJ) pro forma $625 million 248th series consolidated bonds. + We also affirmed our '##-' long-term rating and underlying rating (SPUR) on PANYNJ's consolidated bonds outstanding. + In addition, we affirmed our '##-' long-term rating on New York Liberty Development Corp.'s series 1WTC-2021 liberty revenue bonds and our '##-' long-term rating on the Newark Housing Authority, N.J.'s series 2017 Port Authority-Port Newark Marine Terminal additional rent-backed refunding bonds. Annual payments from the PANYNJ, together with money held in the debt service reserve fund (DSRF), secure the bonds. We consider the lease payments to be an operating expense of PANYNJ and are not subject to any appropriation risk. + Finally, we affirmed our 'A+' long-term rating and SPUR on PANYNJ's series 2021A and 2021B liberty revenue bonds, based on the weakest link between New York City (##/Stable) and the PANYNJ...

Summary