S&P Global Ratings assigned its 'AA+' rating to New York City Municipal Water Finance Authority 's approximately $600 million series 2025DD water-and-sewer-system second general-resolution revenue bonds, issued for New York Water (NYW). The outlook is stable. All bondholders benefit from a gross revenue pledge and a statutory, perfected lien. The second-resolution bonds do not benefit from a debt service reserve fund. NYW plans to use series 2025DD bond proceeds to refund existing debt for savings. Current law does not authorize NYW or the board to declare bankruptcy. While we don?t rate to recovery, we consider the presence of a statutorily perfected lien and limitations around bankruptcy as positive structural provisions. The rating reflects our view of NYW's broad, diverse, and
