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

 NEW YORK, Jan. 14 /PRNewswire/ -- The Port Authority of New York and New Jersey's $100 million consolidated bonds, ninety-second series are rated "AA-" by Fitch. The $4.3 billion outstanding "AA-" parity consolidated bonds are affirmed. The credit trend is stable. These bonds are expected to be sold by competitive bids on Jan. 18.
 The Port Authority's 1994 budget as adopted on Dec. 16, 1993 contains no fare or toll increases and is substantially unchanged in magnitude and character from the 1993 budget. However, current estimates of 1993 financial results show about $40 million less in net operating revenues that originally projected, largely due to the ongoing lethargy of the regional economy as well as effects of the World Trade Center bombing.
 The 1994 budget continues to focus on productivity gains and cost- containment measures necessitated by the persistent meager growth in revenues. However, despite these enduring revenue pressures, the 1994- 1998 business plan provides the framework for an ambitious capital program that invests substantially in existing authority facilities as well as in some major new projects. Likewise, capital investment plans and objectives were consistently met throughout the recessionary period due to management's rigorous resource management.
 -0- 1/14/94
 /CONTACT: Andrea R. Bozzo of Fitch 212-908-0515/


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

SP -- NY060 -- 2131 01/14/94 15:48 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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