Summary: New York City Municipal Water Finance Authority; Water/Sewer

Standard&Poor's Ratings Services affirmed its 'A-1+' short-term rating component of its 'AA+/A-1+' dual rating, with a stable outlook, on New York City Municipal Water Finance Authority's (NYCMWFA) series 2006AA-1A and 2006AA-1B second general resolution water and sewer system revenue bonds. This action reflects a new liquidity facility in the form of a standby bond purchase agreement (SBPA) provided by State Street Bank&Trust Co. covering both subseries, substituting for a prior SBPA from State Street Bank&Trust Co. for the series 2006AA-1A bonds and California State Teachers' Retirement System for the series 2006AA-1B bonds. The substitution should take place on Oct. 8, 2015. The long-term component of the rating will continue to reflect our view of

...USPF Criteria: Standby Bond Purchase Agreement Automatic Termination Events, April 11, 2008 In addition to the criteria specific to this type of security (listed above), the following criteria articles, which are generally applicable to all ratings, may have affected this rating action "Post-Default Ratings Methodology: When Does Standard & Poor's Raise A Rating From 'D' Or '##'?," March 23, 2015; "Global Framework For Assessing Operational Risk In Structured Finance Transactions," Oct. 9, 2014; "Methodology: Timeliness of Payments: Grace Periods, Guarantees, And Use of 'D' And '##' Ratings," Oct. 24, 2013; "Counterparty Risk Framework Methodology And Assumptions," June 25, 2013; "Criteria For Assigning '###+', '###', '###-', And '##' Ratings," Oct. 1, 2012; "Credit Stability Criteria," May 3, 2010; and "Use of CreditWatch And Outlooks," Sept. 14, 2009. Complete ratings information is available to subscribers of RatingsDirect at www.globalcreditportal.com. All ratings affected by this rating...

Summary