Standard&Poor's Ratings Services assigned its 'AA+' long-term rating and stable outlook to New York City Municipal Water Finance Authority's (NYCMWFA) fiscal 2012 series 2012 FF and GG second general resolution water and sewer system revenue bonds. We also affirmed the 'AA+' long-term and underlying ratings (SPURs), with a stable outlook, on the authority's existing second-resolution bonds. The difference in the ratings between the first- and second-resolution debts reflects lien priority and the active use of both liens. The long-term ratings are reflective of the fundamental credit strengths of NYCMWFA, which include, in our opinion: The bondholder protections provided by the issuer's legal and structural features, including a gross pledge of revenues that results in true separation from the
