Moody’s Investors Service Thursday upgraded the Port Authority of New York and New Jersey to Aa2 with a stable outlook from Aa3, citing its favorable financial results in tough economic times. The upgrade affects $12.4 billion of outstanding debt.

“The rating addresses the fundamental strength of the issuer, its assets and how well they’ve performed over the past year and a half,” said Moody’s analyst Chee Mee Hu. “This has been something we’ve been looking at ever since the downturn started and it really has to do more with having a deeper understanding of the value of the assets ... and how it performs even in a pretty tough situation.”

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