...The 'AA+' rating reflects the combined credit quality of the authority and the New York City Water Board (the water board), as well as the authority's role as an issuer of revenue bonds on behalf and in support of the New York City (the city, or NYC) water and sewer system (the system). The rating further reflects the benefit of the gross pledge of system revenues to pay FGR and SGR debt service before system operating expenses and any lease payment to the city. Fitch Ratings does not distinguish its ratings between the FGR and SGR, as both liens remain open and active. The 'F1+' short-term rating on the extendible municipal CP notes primarily reflects the 'AA+' long-term rating and adequate liquidity. The combined credit quality and financial profile are very strong and assessed at 'aa', within the context of the very strong revenue defensibility assessment and the system's very low operating risks profile. Rates are considered affordable for most customers, and operating costs have been...
