Summary: New York City Municipal Water Finance Authority; CP; State Revolving Funds/Pools; Water/Sewer

S&P Global Ratings assigned its 'AA+' rating to the New York City Municipal Water Finance Authority's (NYCMWFA, or New York Water) series 2019AA water and sewer system second general resolution revenue bonds. At the same time, we affirmed our 'AAA' unenhanced long-term rating on the system's first general resolution revenue bonds and our 'AA+' underlying ratings (SPURs) on the authority's existing second-resolution bonds. Additionally, we affirmed our 'A-1+' rating on NYCMWFA's commercial paper (CP) program. The outlook is stable for all long-term ratings. We also affirmed various short-term ratings on NYMWFA's second-resolution bonds, whose ratings are based on the liquidity support provided by various financial institutions. The 2019AA bond proceeds will be used to refund certain outstanding first-resolution bonds. The

...S&P Global Ratings assigned its '##+' rating to the New York City Municipal Water Finance Authority's (NYCMWFA, or New York Water) series 2019AA water and sewer system second general resolution revenue bonds. At the same time, we affirmed our '###' unenhanced long-term rating on the system's first general resolution revenue bonds and our '##+' underlying ratings (SPURs) on the authority's existing second-resolution bonds. Additionally, we affirmed our 'A-1+' rating on NYCMWFA's commercial paper (CP) program. The outlook is stable for all long-term ratings. We also affirmed various short-term ratings on NYMWFA's second-resolution bonds, whose ratings are based on the liquidity support provided by various financial institutions. The 2019AA bond proceeds will be used to refund certain outstanding first-resolution bonds. The difference between the long-term ratings on the first- and second-resolution bonds reflects lien priority and the active use of both liens. We have applied our primary...

Summary