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) $300 million consolidated bonds, 166th series. Interest on each maturity accrues on and after Jan. 15, 2011, until the bonds mature or are redeemed, and are payable semiannually beginning July 15, 2011, and on each Jan. 15 and July 15 until they mature Jan. 15, 2041, or are redeemed. These issues 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. Approximately 80% of the bond proceeds will fund capital projects related to the authority's tunnel, bridge, and transit
