Fitch Revises Port Authority of NY & NJ Outlook to Positive; Rates Senior Debt at ‘AA-‘ in Port News 29/01/2026 Fitch Ratings has assigned a ‘AA-‘ rating to Port Authority of New York and New Jersey’s (PANYNJ) proposed $300 million Consolidated Revenue Bonds, 251st Series. The Rating Outlook is Positive. Fitch has affirmed the following outstanding senior-lien parity obligations at ‘AA-‘: –Parity consolidated bonds; –New York Liberty Development Corp.’s (NY-LDC) Liberty Revenue Refunding Bonds, Series 1WTC-2021. Fitch has also affirmed the following subordinate obligations at ‘A’: –4 World Trade Center (4WTC) Project Bonds, Series 2021 issued by NY-LDC; –Payment obligations for 4WTC/Goethals Bridge projects. The Rating Outlook on all outstanding obligations is revised to Positive from Stable. The Positive Outlook reflects clarity on PANYNJ’s new 10-year capital improvement plan (CIP) and plan of finance leading to rating case senior and total year-five leverage below 7x and 8x, respectively. Favorable CIP progression with visibility on remaining debt plans that sustain current rating case metrics would likely lead to a rating upgrade on both liens. KEY RATING DRIVERS Revenue Risk – Volume – High Stronger Resilient Revenue Base: The region’s diverse and populous economy, as well as its status as a global commerce center, supports resilient demand and pricing power. PANYNJ benefits from a portfolio of monopolistic, expansive and diverse transportation and real estate assets including the four metro New York airports, interstate road, rail and ferry Hudson River crossings, and seaport terminals. Economic pricing flexibility may fall if World Trade Center or Port Authority Trans-Hudson transit assets underperform or if PANYNJ takes on additional loss-making assets. Revenue Risk – Price – Stronger Proven Rate-Setting Flexibility: PANYNJ has significant controls over most areas of tolls, fees and other end-user charges across the system of operations. The authority benefits from strong airport cost recovery in airline use agreements and proactive toll increases on its bridges and tunnels with minimal impact on traffic levels. Adjustments to user rates and tolls over time could be influential to regional economic activity, and therefore PANYNJ is somewhat limited than its apparent economic flexibility suggests. Still, the authority benefits from numerous commercial agreements that provide for strong cash flows, and certain key tolls and fares are automatically adjusted to inflationary indices. Infrastructure Dev. & Renewal – Midrange Extensive and Growing Capital Needs: PANYNJ’s capital plan through 2035 totals approximately $45 billion to support key airport and rail projects as well as bridge and tunnel works and a replacement bus terminal. This plan is larger than the prior 10-year $37 billion plan. Projects primarily focus on rehabilitating or reimagining existing assets and accommodations for future growth, with some projects having limited financial recovery. Mitigating factors for the plan size include the port’s proven history of finding collaborative funding models, support from key city/state government stakeholders, and a well-balanced funding mix for the port’s own contributions of debt, pay-as-you-go capital and grant funding. The CIP will be reassessed by the board at least every four years to ensure sufficient resources. Debt Structure – 1 – Stronger; Debt Structure – 2 – Midrange Conservative Capital Structure: The senior lien