NEW YORK (Standard&Poor's) July 31, 2008--Standard&Poor's Ratings Services said today it assigned its 'AA+' rating and stable outlook to New York City Municipal Water Finance Authority, N.Y.'s second-resolution bonds, series 2009CC. "The rating reflects a gross pledge of revenues that results in true separation from the utility's operating function when combined with the New York City Water Board's ability to raise rates and the segregation of funds," said Standard&Poor's credit analyst John Sugden-Castillo. Other rating factors are: the credit strengths provided by the issuer's legal and structural features; the system's fundamental strengths; a sizable and growing capital improvement plan that remains affordable due to the system's relatively low rates and the authority's willingness to
