Fitch Rates Port Authority of New York & New Jersey Bonds
The 'AA-' and 'F1+' ratings are supported by the authority's expansive, well-managed and diverse portfolio of transportation and commerce-related assets, including the three metropolitan New York/New Jersey airports.
Fitch will also monitor ongoing developments related to the Oct. 26, 2005 jury verdict that the authority was negligent in efforts to prevent the 1993 WTC bombing. Though lawyers for plaintiffs were seeking as much as $1.8 billion in damages, the final amount (if any) of any trial or settlement is unknown at this time as the authority expects to appeal.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.
CONTACT: Fitch Ratings Douglas J. Kilcommons, 212-908-0740 Corey Modeste, 212-908-0399 Jessica L. Soltz-Rudd, 415-732-5616 Christine Pollak, 212-908-0526 (Media Relations) KEYWORD: NEW YORK NEW JERSEYINDUSTRY KEYWORD: BANKING BOND/STOCK RATINGSSOURCE: Fitch Ratings
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