Summary: Port Authority of New York and New Jersey; CP

Standard&Poor's Ratings Services has assigned its 'A-1+' short-term rating to the Port Authority of New York and New Jersey's (PANYNJ or the authority) series A, B, and C commercial paper (CP) programs, which it is extending five years with a final maturity date of Dec. 31, 2020. The term of any note under the extended program will not exceed 270 days, and no note can be issued or outstanding beyond the final maturity date. The authority's current $500 million CP program (also rated 'A-1+') is to retire Dec. 31, 2015, and is backed by the PANYNJ's own assets to provide liquidity support for the CP program. This CP issuance will continue to rely upon the PANYNJ's own assets

...Standard & Poor's Ratings Services has assigned its 'A-1+' short-term rating to the Port Authority of New York and New Jersey's (PANYNJ or the authority) series A, B, and C commercial paper (CP) programs, which it is extending five years with a final maturity date of Dec. 31, 2020. The term of any note under the extended program will not exceed 270 days, and no note can be issued or outstanding beyond the final maturity date. The authority's current $500 million CP program (also rated 'A-1+') is to retire Dec. 31, 2015, and is backed by the PANYNJ's own assets to provide liquidity support for the CP program. This CP issuance will continue to rely upon the PANYNJ's own assets to provide liquidity support for its extended $750 million CP program. The 'A-1+' rating reflects our view of the high underlying credit quality of the authority (##-/Stable), which has good market access and sufficient self-liquidity to support the renewed CP programs. The rating also reflects our analysis of both...

Summary