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PORT AUTHORITY OF NY AND NJ $99.5 MILLION 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 --
 NEW YORK, Oct. 27 /PRNewswire/ -- The Port Authority of New York and New Jersey's $99.5 million consolidated bonds, 83rd 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. EST on Oct. 29, 1992.
 The Port Authority's unaudited financial results for the first six months of fiscal 1992 are solid, reporting slightly decreased operating expenses (1.3 percent) from the same period of fiscal 1991 due to the ongoing effects of cost-cutting measures implemented during fiscal 1991. Concurrently, gross operating revenues were up 5.3 percent 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 half of fiscal 1992. Port Authority management re-evaluated its long-term capital planning and management process during the past summer 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) to 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- 10/27/92
 /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


GK -- NY116 -- 5596 10/27/92 15:50 EST
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Publication:PR Newswire
Date:Oct 27, 1992
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