Standard&Poor's Ratings Services assigned its 'AA' rating, and a stable outlook, to the New York City Municipal Water Finance Authority's series 2008AA water and sewer system second-resolution revenue bonds. At the same time, Standard&Poor's affirmed its 'AA+' rating and Standard&Poor's underlying rating (SPUR), with a stable outlook, and its 'AA' rating, with a stable outlook, on the system's existing first- and second-resolution bonds, respectively. The ratings on the first- and second-resolution bonds reflect: The credit strengths provided by the issuer's legal and structural features, though the rating distinction reflects the differences in the security pledges; A gross pledge of revenues that results in true separation from the utility's operating function when combined with the
