Puerto Rico Ports Authority

Website: http://www.prpa.gobierno.pr

Credit Ratings

	Moody's	Standard & Poor's
Revenue Bonds*	Baa3/ Stable	Bbb-/ Stable
Standard & Poor's - March 9, 2009 Standard & Poor's - February 25, 2009

Security

The Bonds are payable from the net revenues derived by the Authority from most of its properties. Revenues are generated from a broad variety of sources and activities including dedicated aviation fuel sales taxes, airport landing and parking fees, space rental to airlines, airport concessions, seaport wharfage and docking charges, harbor dues and property rentals. Subject to contractual commitments, rates, fees, and charges may be increased as the Authority deems reasonable and necessary, without approval by any local regulatory agency. Further protection is provided by a debt service reserve equal to maximum annual debt service on the Revenue Bonds outstanding.

Functions

The Authority operates public airports in Puerto Rico, including the Luis Muñoz Marín International Airport near San Juan, which currently is served by over 30 U.S. and international airlines. The Authority also operates most of the Island's extensive seaport facilities.

Trustee Under the Trust Agreement
The Bank of New York
New York, N.Y.

Financial Statements Audited by:
Parissi P.S.C.

Transportation Consultants:
URS Corp.

* Excluding Special Facility Revenue Bonds issued in 1993, and 1996 to finance the expansion of American Airlines at the Luis Muñoz Marín International Airport. The Bonds are payable solely from rentals by American Airlines. The Bonds are further guaranteed by AMR Corporation.