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PORT AUTHORITY OF NEW YORK AND NEW JERSEY $100 MILLION BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, March 2 /PRNewswire/ -- The Port Authority of New York and New Jersey's $100 million consolidated bonds, 85th series are rated 'AA-' by Fitch. This series of bonds is being issued to refund the authority's $100 million outstanding consolidated notes Series QQ on March 15, 1993, when the notes are scheduled to mature. 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 March 3, at the offices of Lazard Freres & Co., One Rockefeller Plaza.
 On Friday, Feb. 26, a major explosion occurred in the parking garage underneath the Vista Hotel at the World Trade Center, the effects of which it is too soon to thoroughly evaluate or quantify. However, the overall structural soundness of the World Trade Center was not affected. Furthermore, the Port Authority has extensive insurance coverage for both liability and property damage ($400 million limit) as well as business interruption ($600 million limit). Thus, it appears that any short-term risk, resulting from the explosion, to the Port Authority's ability to pay debt service is negligible. Over the longer term, the primary risk focuses on the Port Authority's ability to continue to attract and keep tenants at the World Trade Center.
 -0- 3/2/93
 /CONTACT: Andrea R. Bozzo of Fitch, 212-908-0515/


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

SH -- NY017 -- 1784 03/02/93 09:03 EST
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Publication:PR Newswire
Date:Mar 2, 1993
Words:252
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