DALLAS (Standard&Poor's) Nov. 11, 2011--Standard&Poor's Ratings Services said today it assigned its 'AA+' long-term rating and stable outlook to New York City Municipal Water Finance Authority's (NYCMWFA) fiscal 2012 series BB second general resolution water and sewer system revenue bonds. We also affirmed the 'AAA' and 'AA+' long-term and underlying ratings (SPURs), with a stable outlook, on the authority's existing first- and second-resolution bonds, respectively. The difference in the ratings between the first- and second-resolution debt reflects lien priority and the active use of both liens. The long-term ratings reflect the fundamental credit strengths of NYCMWFA, which include: The bondholder protections provided by the issuer's legal and structural features, including a gross pledge of revenues that
