...S&P Global Ratings assigned its '##+' rating to the New York City Municipal Water Finance Authority's (NYCMWFA, or New York Water) series 2020DD-1, 2, and 3 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 2020DD-1 and 2 bond proceeds will provide about $450 million in new money for capital projects, while the remaining 2020 DD-3 bonds will refund existing second-resolution bonds for cost savings. The difference between...
