Printer Friendly

PORT AUTHORITY OF N.Y. AND N.J. $219 MILLION BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

PORT AUTHORITY OF N.Y. AND N.J. $219 MILLION BONDS RATED 'AA-' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Aug. 3 /PRNewswire/ -- The Port Authority of New York and New Jersey's $122 million consolidated bonds, 81st series and $97 million consolidated bonds, 82nd series are rated "AA-" by Fitch. The rating also pertains to $4 billion outstanding parity bonds. The credit trend is stable. The bonds will be offered for competitive bids until 11 a.m. EDT tomorrow.
 The Port Authority's unaudited financial results for the first six months of fiscal 1992 are solid, reporting slightly decreased operating expenses (1.3%) from the same period of fiscal 1991 due to the ongoing effects of cost-cutting measures implemented during fiscal 1991.
 Concurrently, gross operating revenues have increased 5.3% in the first six months of fiscal 1992 over the same period last year. Operations at most of the Port Authority's transportation facilities increased during the first quarter of fiscal 1992 over the first quarter of 1992 as well. Port Authority management has recently re-evaluated its long-term capital planning and management process in order to increase accountability and productivity.
 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- 8/3/92
 /CONTACT: Andrea R. Bozzo of Fitch, 212-908-0515/ CO: Port Authority of New York & New Jersey ST: New York, New Jersey IN: SU: RTG


TS -- NY054 -- 6174 08/03/92 12:42 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 3, 1992
Words:309
Previous Article:ROSS SYSTEMS WINS MORE THAN $6 MILLION IN MANUFACTURING SYSTEMS SALES; COMPANY SALES INDICATE STRONG ACCEPTANCE FOR PROMIX LINE
Next Article:JACK IN THE BOX RESTAURANTS INTRODUCES A NEW CRISPY CHICKEN SANDWICH FOR PEOPLE WHO ENJOY SPICIER FOODS


Related Articles
PORT AUTHORITY OF NEW YORK & NEW JERSEY $100 MILLION BONDS RATED
PORT AUTHORITY OF NY AND NJ $100 MILLION BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
VIRGINIA PUBLIC BUILDING AUTHORITY $200 MILLION BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
PORT OF SEATTLE, WASH., $139 MILLION REVENUE BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
PORT AUTHORITY OF N.Y. & N.J. $124 MILLION BONDS RATED 'AA-' BY FITCH --FITCH FINANCIAL WIRE (FFW)--
OCEAN COUNTY (N.J.) $34.6 MILLION GENERAL IMPROVEMENT BONDS RATED 'AA' BY FITCH -- FITCH FINANCIAL WIRE --
N.J. ECONOMIC DEVELOPMENT AUTHORITY BONDS RATED 'AA' BY FITCH - FITCH FINANCIAL WIRE --
PORT AUTHORITY OF NY AND NJ $99.5 MILLION BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
PORT AUTHORITY OF NEW YORK AND NEW JERSEY $100 MILLION BONDS RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
/C O R R E C T I O N -- FITCH/(Correction Notice)

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters