Standard&Poor's Ratings Services assigned its 'AA+' ratings to the New York City Municipal Water Finance Authority's (NYCMWFA) fiscal 2015 series FF, second general resolution water and sewer system revenue bonds. We also affirmed our 'AA+' underlying ratings (SPURs) on the authority's existing second-resolution bonds, as well as our 'AAA' long-term rating on the system's first general resolution revenue bonds. The outlook is stable for all ratings. The difference in the long-term ratings between the first- and second-resolution debts reflects lien priority and the active use of both liens. The long-term ratings reflect the NYCMWFA's fundamental credit strengths, which include, in our opinion: The bondholder protections provided by the issuer's legal and structural features, including a gross pledge of
