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 2007AA and 2007BB water and sewer system second 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 issue'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
