Standard&Poor's Ratings Services has assigned its 'AA-' long-term rating to the Port Authority of New York and New Jersey's (PANYNJ or the authority) $400 million consolidated bonds, 163rd series. Interest on each maturity accrues on and after July 15, 2010, until the bonds mature or are redeemed, and are payable semiannually beginning Jan. 15, 2011, and on each July 15 and Jan. 15 until they mature Jan. 15, 2040, or are redeemed. These bonds are on par with all other consolidated bonds and are secured by a pledge of net revenues, the general reserve fund, and the consolidated reserve fund. Bond proceeds will be allocated to capital projects in connection with authority facilities or to refund obligations. Standard
