Though the Port Authority of New York and New Jersey didn’t say so directly in its statement announcing stunningly high fare-hike proposals, the message was clear: the authority is worried about its bond rating.

On Friday, the Port Authority said it would seek toll and fare increases in two phases, starting in September, to fully fund a 10-year, $33 billion capital plan, and has fast-tracked public hearings and a vote of the full board of commissioners, scheduled for Aug. 19.

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.