S&P Global Ratings assigned its 'AA-' rating to the Port Authority of New York & New Jersey's (PANYNJ) pro forma $200 million 240th and $190 million 241st series consolidated bonds.

The outlook is stable.

"The rating reflects our expectation that PANYNJ's enterprise risk and financial risk profiles will remain extremely strong and strong, respectively," said S&P Global Ratings credit analyst Joseph Pezzimenti. "The extremely strong enterprise risk profile reflects the PANYNJ's vital role in the region and the diversity of the authority's operations, while we expect that the PANYNJ will adjust rates, charges, expenses, and capital spending to maintain financial metrics consistent with a strong financial risk profile," he added.

Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria. 

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