Standard&Poor's Rating Services assigned its 'A-1+' short-term rating to New York City Municipal Water Finance Authority's series 2008BB water and sewer system second-general resolution revenue adjustable-rate bonds based on two severally liable standby bond purchase agreements provided by Bank of America ('AA+/A-1+') and Fortis Bank S.A./N.V. ('AA-/A-1+'). Management is considering entering into a floating to fixed swap related to the series BB bonds. Standard&Poor's also assigned its 'AA' rating to the New York City Municipal Water Finance Authority's series 2008CC adjustable-rate water and sewer system second-resolution revenue bonds. At the same time, Standard&Poor's affirmed its 'AA+' long-term rating and 'AA+' underlying rating (SPUR) and its 'AA' rating on the system's existing first- and second-resolution
