S&P Global Ratings assigned its 'AA+/A-1' rating to the New York City Municipal Water Finance Authority 's (also known as New York Water [NYW]) $200 million series 2026EE water and sewer system second general resolution adjustable rate revenue bonds. 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 the series 2026EE bond proceeds. 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 'AA+' long-term component of the rating
