...Standard & Poor's Ratings Services assigned its '##+' long-term ratings to New York City Municipal Water Finance Authority's (NYCMWFA) series 2016AA subseries 1, 2, and 3 second general resolution water and sewer system revenue bonds. We also affirmed our '##+' underlying ratings (SPURs) on the authority's existing second-resolution bonds, as well as our '###' unenhanced long-term rating on the system's first general resolution revenue bonds. Separately, Standard & Poor's revised the long-term rating on the authority's series 2006D bonds to '###' from '##+'. The outlook is stable for all ratings. We understand bond proceeds will be used to convert outstanding commercial paper (CP) notes to long-term debt. The series ##-1, ##-2, and ##-3 bonds are supported by individual liquidity facilities in the form of standby bond purchase agreements (SBPAs) provided by Bank of America N.A., PNC Bank N.A., and Royal Bank of Canada, respectively. The new SBPAs cover principal and 35 days' interest at...
