Standard&Poor's Ratings Services assigned its 'AA+' rating and stable outlook to New York City Municipal Water Finance Authority, N.Y.'s second-resolution bonds, series 2009CC. The ratings on the second-resolution bonds reflect: The credit strengths provided by the issuer's legal and structural features; A gross pledge of revenues that results in true separation from the utility's operating function when combined with the New York City Water Board's ability to raise rates (a true-up mechanism) and the segregation of funds; The system's fundamental strengths, which are characterized by a large customer base, affordable rates, and strong management. A sizable and growing capital improvement plan (CIP) that remains affordable due to the system's relatively low rates and the authority's willingness to adopt
