Standard&Poor's Ratings Services assigned its 'AA+' long-term rating, and stable outlook, to New York City Municipal Water Finance Authority, N.Y.'s 2010CC second-resolution water and sewer system bonds and affirmed its 'AAA' and 'AA+' long-term ratings and underlying ratings (SPURs), with a stable outlook, on the authority's existing first- and second-resolution bonds. The ratings on the first- and second-resolution bonds reflect our view of: 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
