...Standard & Poor's Ratings Services assigned its '###' rating to New York City Municipal Water Finance Authority's (NYCMWFA or New York Water) series 2016A water and sewer system revenue bonds. At the same time, Standard & Poor's assigned its '##+' rating to the authority's series 2016CC second general resolution water and sewer system revenue bonds. Standard & Poor's affirmed its '###' unenhanced long-term rating on the system's first general resolution revenue bonds and its '##+' underlying ratings (SPURs) on the authority's existing second-resolution bonds. Additionally, Standard & Poor's affirmed its 'A-1+' rating on NYCMWFA's commercial paper (CP) program. The outlook is stable for all ratings. We understand bond proceeds will be used to refund certain of the authority's outstanding obligations. A portion of the series 2016CC bonds will be purchased directly by Citigroup Global Markets. There are no additional risks introduced, in our view, as a result of this transaction, as those...
