THE PORT AUTHORITY OF NY & NJ

Press Release Article


PORT AUTHORITY STATEMENT ON TODAY’S COMPETITIVE SALE OF $300 MILLION IN NOTES

Date: Dec 03, 2008
Press Release Number: 141-2008

“The Port Authority today tested the financial markets by offering a competitive sale of $300 million in short-term notes, and received no bids. The transaction was held well in advance of the need for capital funds, as is the Port Authority’s standard practice, and the lack of bids will have no impact on any current Port Authority capital projects. Our credit ratings and our financial health remain strong, with Standard and Poor's and Fitch Ratings Inc. just in the last week reaffirming AA- ratings, and Moody's just reaffirming Aa3 ratings, and we are confident that the markets will recover in the upcoming year when we plan to return with another sale.”

Contact:
Port Authority of New York and New Jersey
Candace McAdams or Steve Coleman, 212-435-7777