Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to New York City Municipal Water Finance Authority's series 2009DD second-resolution bonds. At the same time, Standard&Poor's affirmed its 'AAA' and 'AA+' ratings on the authority's existing first- and second-resolution bonds. The ratings on the first- and 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, characterized by a large customer base, affordable rates, and strong management; and A sizable and growing capital
