S&P Global Ratings Services assigned its 'AA+/A-1' rating to New York City Municipal Water Finance Authority's (authority) anticipated $200 million 2023 series BB, subseries BB-1, and subseries BB-2 water and sewer system second general resolution revenue bonds. The outlook is stable. The 'AA+' long-term component of the rating reflects our view of the authority's credit characteristics. The 'A-1' short-term component of the rating reflects the standby bond purchase agreement (SBPA) provided by Mizuho Bank, LTD., acting through its New York Branch, effective Dec. 15, 2022. The SBPA will cover principal and 35 days' interest at a maximum 9% annual rate for the purchase price of bonds that are not successfully remarketed. The SBPA provides coverage for the bonds during the
