NEW YORK - The Port Authority of New York and New Jersey’s board of commissioners cited the need to maintain a high bond rating Friday morning in approving a set of toll and fare hikes for the region after the states’ governors softened the blow.

Citing a loss of $2.6 billion during the recession, capital plan expenditures that have outpaced revenues, and costs of overseeing the World Trade Center site exceeding $11 billion, chairman David Samson said: “These factors led Moody’s in January to change our outlook to negative.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.