S&P Global Ratings assigned its 'AA-' rating to the Port Authority of New York&New Jersey's (PANYNJ) pro forma $535 million 242nd and $545 million 243rd series consolidated bonds. The outlook is stable. A net revenue pledge of authority operations secures the consolidated notes and bonds. In addition, bondholders benefit from the pledge of the general reserve fund and the consolidated bond reserve, which had a combined balance of about $3.9 billion for the fiscal year ending Dec. 31, 2022 (audited), higher than that reported for fiscal years ending 2021 ($3.4 billion) and 2020 ($3.2 billion), and near that reported for fiscal years ending 2018 and 2019 ($4 billion). The PANYNJ series 242nd and 243rd consolidated bonds are direct
