Fitch give the NY-NJ Ports a AA-

From the Business Wire “Fitch Ratings assigns an ‘AA-‘ underlying rating to the Port Authority of New York and New Jersey’s (the authority) $85.7 million of consolidated bonds, series 155.”

“The authority’s ratings reflect the demand for New York/New Jersey-based travel, supported by the region’s diverse economy and status as a global center of commerce; the authority’s expansive, diverse portfolio of transportation and commerce-related assets; institutionalized practices and fiscal conservatism; consistently healthy financial performance and debt service coverage, bolstered by the cost recovery nature of the airport use agreements, cost containment strategies, and timely toll increases; significant balance sheet liquidity, and the authority’s demonstrated ability to manage operations and an expansive capital plan simultaneously.”

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