Standard&Poor's Ratings Services has assigned its 'SP-1+' rating to the Port Authority of New York and New Jersey (PANYNJ or the authority) series ZZ consolidated notes due December 2011. At the same time, Standard&Poor's affirmed its 'AA-' rating and underlying rating (SPUR) on the authority's existing consolidated bonds and consolidated notes, its 'A-1+' rating on the authority's commercial paper (CP) notes, and its 'A+/A-1+' split rating on the authority's series 1-4 and series 6 versatile structure obligations (VSOs). The outlook on the long-term ratings is stable. The short-term component on the VSOs reflects the ratings of the respective liquidity banks providing liquidity to each series. All of the VSO series are payable from the authority's proceeds
