S&P Global Ratings assigned its 'AA-' rating to the Port Authority of New York&New Jersey's (PANYNJ) pro forma $550 million 245th series and $450 million 246th series consolidated bonds. The outlook is stable. A net revenue pledge of authority operations secures the consolidated 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 $4.8 billion for the fiscal year ended Dec. 31, 2023 (audited), higher than that reported in the fiscal years ended 2022 ($3.9 billion), 2021 ($3.4 billion), 2020 ($3.2 billion), and 2019 ($4 billion). The PANYNJ series 245th and 246th consolidated bonds are direct and general obligations of the authority. Bond
