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

S&P Global Ratings assigned its 'AA-' rating to the Port Authority of New York&New Jersey's (PANYNJ) pro forma $50 million series 232nd consolidated bonds. The outlook is stable. Instead of issuing its 230th and 231st consolidated bonds in an aggregate par amount of about $910 million, the PANYNJ will issue three series of bonds--230th, 231st, and 232nd series--approximating the same aggregate par amount. The 232nd bond proceeds will be allocated to capital projects in connection with PANYNJ facilities and/or for purposes of refunding other obligations of the authority. For more information, refer to our analysis, published May 6, 2022. The rating action reflects our opinion of the PANYNJ's extremely strong enterprise risk and strong financial risk profile. The

...S&P Global Ratings assigned its '##-' rating to the Port Authority of New York & New Jersey's (PANYNJ) pro forma $50 million series 232nd consolidated bonds. The outlook is stable. Instead of issuing its 230th and 231st consolidated bonds in an aggregate par amount of about $910 million, the PANYNJ will issue three series of bonds--230th, 231st, and 232nd series--approximating the same aggregate par amount. The 232nd bond proceeds will be allocated to capital projects in connection with PANYNJ facilities and/or for purposes of refunding other obligations of the authority. For more information, refer to our analysis, published May 6, 2022....

Summary