Standard&Poor's Ratings Services assigned its 'SP-1+' short-term rating to the Port Authority of New York and New Jersey's (PANYNJ, or the Port Authority) $150 million consolidated notes series YY. The rating reflects the long-term general creditworthiness of the Port Authority and its proven ability to access the capital market. The notes will accrue interest on and after Aug. 15, 2006, and will be payable semiannually beginning Feb. 15, 2007, until maturity on Aug. 15, 2007. They are on parity with all other consolidated bonds and notes, and are secured by a pledge of net revenues, the general reserve fund, and the consolidated reserve fund. At the same time, Standard&Poor's affirmed its 'AA-' long-term rating on the
