Standard&Poor's Ratings Services assigned its 'AA+' standard long-term rating, and stable outlook, to New York City Municipal Water Finance Authority's series 2007A water and sewer system general-resolution revenue refunding bonds and affirmed its 'AA+' standard long-term rating and Standard&Poor's underlying rating (SPUR), with a stable outlook, and its 'AA' standard long-term rating, with a stable outlook, on the system's preexisting first- and second-resolution bonds, respectively. The ratings on the first- and second-resolution bonds reflect: The credit strengths provided by the issuer's legal and structural features -- The rating distinction, however, reflects the differences in the security pledges; A gross pledge of revenues that results in true separation from the utility's operating function when combined with New
