...S&P Global Ratings assigned its '##+' rating to the New York City Municipal Water Finance Authority's (NYCMWFA, or New York Water) series 2020AA and 2020BB water and sewer system second general resolution revenue bonds. At the same time, S&P Global Ratings affirmed its '###' unenhanced long-term rating on the system's first general resolution revenue bonds and its '##+' underlying ratings (SPURs) on the authority's existing second-resolution bonds. In addition, S&P Global Ratings affirmed its '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 NYCMWFA's second-resolution bonds, whose ratings are based on the liquidity support provided by various financial institutions. The 2020AA bond proceeds will refund existing second-resolution bonds for cost savings, and the 2020BB bonds will provide $450 million in new money for capital projects. The difference between the long-term ratings on the...
