Scandals Leave Port Authority Bondholders Undaunted Before Sale
- With bridges and tunnels, it brings in about $12 million a day
- Credit ratings hold steady amid agency resignations, subpoenas
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To Wall Street, the scandals engulfing the Port Authority of New York & New Jersey are nothing but noise.
As the agency sold $2 billion of bonds Thursday, its biggest offering since 2012, investors weren’t focused on the federal and state investigations that spurred the resignation of United Continental Holdings Inc.’s chief executive officer and tarnished Governor Chris Christie’s presidential bid. Instead, they looked at a near monopoly on getting into New York that brings in more than $12 million a day.