Standard&Poor's Ratings Services has assigned its 'AA-' long-term rating to the Port Authority of New York and New Jersey's (PANYNJ or the authority) $116.8 million consolidated bonds, 162nd series. Interest on each maturity of the bonds accrues on and after March 15, 2010 until the bonds mature or are redeemed, and are payable semiannually beginning Sept. 15, 2010, and on each March 15 and Sept. 15 until they mature March 15, 2020, or are redeemed. These bonds are on par with all other consolidated bonds and are secured by a pledge of net revenues, the general reserve fund, and the consolidated reserve fund. Bond proceeds will refund the authority's consolidated bonds, 118th series; versatile structure obligations (VSO) series
