...Standard & Poor's Ratings Services affirmed its '##+' ratings on New York City Municipal Water Finance Authority's (NYCMWFA) second general resolution water and sewer system revenue bonds, including on the authority's series 2006AA-1B bonds. We also affirmed our '##+' underlying ratings (SPURs) on the authority's existing second-resolution bonds, as well as our '###' unenhanced long-term rating on the system's first general resolution revenue bonds. The outlook is stable for all ratings. We understand that the authority is planning to replace the liquidity provider for the series 2006AA-1B bonds with State Street Bank and Trust Co. 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 fundamental credit strengths of the NYCMWFA, which include, in our opinion:...
