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PORT AUTHORITY OF N.Y. & N.J. $124 MILLION BONDS RATED 'AA-' BY FITCH --FITCH FINANCIAL WIRE (FFW)--

PORT AUTHORITY OF N.Y. & N.J. $124 MILLION BONDS RATED 'AA-' BY FITCH
 --FITCH FINANCIAL WIRE (FFW)--
 NEW YORK, June 12 /PRNewswire/ -- The Port Authority of New York and New Jersey's $83 million consolidated bonds, seventy-ninth series and $41 million consolidated bonds, eightieth series are rated 'AA-' by Fitch. The rating also pertains to $4 billion outstanding parity bonds. The credit trend is stable. The bonds are expected to be sold through negotiation during the week of June 15, 1992, by a syndicate led by the First Boston Corp.
 The Port Authority dominates the region as a transportation provider and expediter of commerce; its diverse operations are critical to the region's economic growth. Financial results have produced debt service coverage ranging from 2.06 times(x) - 2.18x over the past five fiscal years, as well as reserve levels in excess of $700 million over the same period. Solid management is evidenced by these stable financial results and by proven long-term planning capabilities. The Port Authority's bistate nature can be politically unwieldy, and its operations are susceptible to economic cycles.
 While operations at many of the Port Authority's facilities declined in fiscal year 1991, audited financial results for the year remained solid yielding a net income of approximately $60 million which was twice that of fiscal 1990's net income of $31 million. The primary risk to the Port Authority continues to be that budget constraints could force the authority to delay essential capital maintenance and expansion projects. However, these longer term concerns are offset by the authority's diverse operations and its continued sound financial operations.
 -0- 6/12/92
 /CONTACT: Andrea R. Bozzo of Fitch, 212-908-0515/ CO: Port Authority of NY & NJ ST: New York, New Jersey IN: TRN SU: RTG


TQ -- NY059 -- 9743 06/12/92 14:24 EDT
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Publication:PR Newswire
Date:Jun 12, 1992
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