The Real Downgrade

2018-08-06T10:33:24+00:00 Vol. One, Issue No. 30|
Updated: 08/06/18

Photo: The Twin Towers Alliance

Businessweek

Port Authority Rating Lowered One Level by Moody’s on Debt Load

Realty Today

WTC Construction Results in Port Authority Downgrade

Reuters

Fitch rates Port Authority of N.Y., N.J. bonds ‘-AA’

The rationale for the confiscatory toll hikes enacted last summer by the Port Authority was to avoid a credit downgrade, which would cost the agency millions on its existing and future debt. But Moody’s downgraded the PA’s bond rating anyway and even Fitch, which did not downgrade listed under the causes that could trigger a rating action: “Actions by either the State of New York or New Jersey to limit the authority’s ability to raise tolls to cover growing debt service obligations.” They didn’t mention the Federal Government in that context even though there is currently legislation and the pending AAA lawsuit that could do exactly that.

But the most damaging result of the Moody’s downgrade, which is the result of years of political tampering, is the downgrade of our skyline and our hopes of a fitting recovery. The massive mismanagement of this public agency will be corrected one way or another, but the World Trade Center the people of the United States had every reason to expect — and which we paid through the nose for, is a far sadder and more lasting downgrade. The Commissioners who have come and gone since the bogus privatization of the PA in 2001 are not stupid or incompetent. The state of the WTC is the result of political malpractice amounting to fraud.

The Record

Senators call Port Authority officials ‘obstructionists’ in letter

New York Times

Artist’s Foundation Seeks Return of ‘Sphere’ to World Trade Center Site

New York Times

3 Bidders Left to Run World Trade Center Observatory

The Gothamist

Shake Shack In The Sky? 1 WTC Observation Deck Finalists Announced