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

Standard&Poor's Ratings Services revised its rating on New York City Municipal Water Finance Authority's (NYCMWFA's) fiscal 2003 series F, subseries F-2 adjustable-rate water and sewer system revenue bonds to 'AAA/A-1' from 'AAA'. The outlook is stable. The new 'A-1' short-term component of the rating reflects a new enhancement for the bonds in the form of a letter of credit (LOC) from Citibank N.A. (A/A-1), substituting a prior enhancement in the form of a standby-bond purchase agreement from Bayerische Landesbank (which we do not rate). The substitution is due to take place Oct. 29, 2015. The 'AAA' long-term component of the rating is unchanged and will continue to reflect our view of NYCMWFA's credit characteristics. The LOC will provide

...Standard & Poor's Ratings Services revised its rating on New York City Municipal Water Finance Authority's (NYCMWFA's) fiscal 2003 series F, subseries F-2 adjustable-rate water and sewer system revenue bonds to '###/A-1' from '###'. The outlook is stable. The new 'A-1' short-term component of the rating reflects a new enhancement for the bonds in the form of a letter of credit (LOC) from Citibank N.A. (A/A-1), substituting a prior enhancement in the form of a standby-bond purchase agreement from Bayerische Landesbank (which we do not rate). The substitution is due to take place Oct. 29, 2015. The '###' long-term component of the rating is unchanged and will continue to reflect our view of NYCMWFA's credit characteristics. The LOC will provide coverage for all principal and 35 days' interest at the maximum 9% annual rate for the purchase price of bonds that are not successfully remarketed. The LOC also provides credit and liquidity coverage for optional and mandatory redemptions. The LOC...

Summary