Standard&Poor's Ratings Services assigned its 'AA+' long-term rating and stable outlook to New York City Municipal Water Finance Authority's (NYCMWFA) fiscal 2013 series DD second general resolution water and sewer system revenue bonds. Standard&Poor's also affirmed its 'AA+' long-term and underlying ratings (SPURs), with a stable outlook, on the authority's existing second-resolution bonds, as well as the 'AAA' rating and stable outlook on the system's first general resolution revenue bonds. The difference between the ratings on the first- and second-resolution debts reflects lien priority and the active use of both liens. The long-term ratings are reflective of NYCMWFA's fundamental credit strengths, which include, in our opinion: The bondholder protections provided by the issuer's legal and structural
