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PORT AUTHORITY OF N.Y. AND N.J. $100 MILLION BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Jan. 19 /PRNewswire/ -- The Port Authority of New York and New Jersey's $100 million consolidated bonds, eighty-fourth series are rated 'AA-' by Fitch. This series of bonds is being issued to refund certain of the Port Authority's Commercial Paper Obligations, Series A, issued prior to Feb. 3, 1993. The rating also pertains to $4.2 billion outstanding parity bonds. The credit trend is stable. The bonds will be offered for competitive bids until 11 a.m. EST on January 20.
 The Port Authority currently predicts closing fiscal 1992 (12/31) with sound financial results, estimating that actual expenditures, as measured in its unaudited financial results, will not exceed the 1992 budgeted expenditures. The authority further expects that 1992 net operating revenues will not be less than in fiscal 1991. Overall operations at all the Port Authority's transportation facilities increased during the first three quarters of fiscal 1992 over the first three quarters of 1991 as well. The slightest gain (0.03 percent) was posted in traffic on the interstate crossings and the largest gain (7.0 percent) was posted in the volume of long tons shipped through all the marine terminals. Passengers increased 5.9 percent at the Authority's three airports during the period. On Dec. 10, 1992, the Board of Commissioners approved the 1993 budget which provides for a total of $2.677 million expenditures: $1.521 million for operations, $326 million for debt service, $766 million for capital construction, and $53 million for other expenditures. This is the first time in the past three years that the approval of the next year's budget was not delayed by toll increase deliberations.
 The Port Authority dominates the metropolitan New York City region in transportation and in expediting commerce; its diverse operations are critical to the region's economic growth. Over the past five years, financial results have produced debt service coverage ranging from 2.06 times(x)-2.18x and reserve levels exceeding $700 million. Solid management is evidenced by these stable financial results and recent re- evaluation of long-term planning capabilities. However, the authority's bistate nature can be politically unwieldy, and its operations are susceptible to economic cycles.
 -0- 1/19/93
 /CONTACT: Andrea R. Bozzo, 212-908-0515, of Fitch/


CO: The Port Authority of New York and New Jersey ST: New York, New Jersey IN: SU: RTG

LR -- NY045 -- 6271 01/19/93 11:20 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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