Standard&Poor's Rating Services assigned its 'A-1+' short-term ratings to the Port Authority of New York and New Jersey's (PANYNJ or the authority) series A and B commercial paper (CP) programs, which it is extending five years with a final maturity date of Dec. 31, 2015. The term of any note under the extended program will not exceed 270 days, provided have any note outstanding beyond the final maturity date. The authority's current CP program is to retire Dec. 31, 2010, and is backed by revolving credit facilities for liquidity purposes. However, this CP issuance will rely upon PANYNJ's own assets to provide liquidity support for its extended $500 million CP program. The 'A-1+' rating reflects our view of
