Summary: Port Authority of New York&New Jersey; Transit

S&P Global Ratings assigned its 'A+' rating to the Port Authority of New York&New Jersey's (PANYNJ) 221st and 222nd series consolidated bonds, using its "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises" criteria. The outlook is negative. The new bonds will be on par with PANYNJ's other consolidated bonds. The 221st and 222nd series' bond proceeds will fund capital projects in connection with facilities of the PANYNJ or refund other obligations. For more information regarding the prior note issuance and other rated issues, see the report published June 26, 2020, on RatingsDirect. 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

...S&P Global Ratings assigned its 'A+' rating to the Port Authority of New York & New Jersey's (PANYNJ) 221st and 222nd series consolidated bonds, using its "U.S. And Canadian Not-For-Profit Transportation Infrastructure Enterprises" criteria. The outlook is negative. The new bonds will be on par with PANYNJ's other consolidated bonds. The 221st and 222nd series' bond proceeds will fund capital projects in connection with facilities of the PANYNJ or refund other obligations. For more information regarding the prior note issuance and other rated issues, see the report published June 26, 2020, on RatingsDirect. 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. The fiscal year-end 2019 (Dec. 31) combined balance of these funds totaled about $3.8 billion. After the prior note issuance, the PANYNJ has approximately $23.2 billion in consolidated bonds...

Summary