S&P Global Ratings affirmed the short-term component of its 'AAA/A-1+' dual rating on New York City Municipal Water Finance Authority's (NYCMWFA) series 2012B-2, 2012B-3, and 2012B-4 adjustable-rate water and sewer system revenue bonds. The outlook is stable. The affirmation follows our review of documents related to an upcoming substitution of the standby-bond-purchase agreements (SBPAs) provided by California Public Employees' Retirement System (CalPERS) for the series 2012B-2 bonds and Northern Trust Co. for the series 2012B-4 bonds with a new SPBA provided by State Street Bank&Trust Co., effective March 7, 2018. State Street Bank&Trust Co. will remain the SBPA provider for NYCMWFA's series 2012B-3 bonds, and the new SBPA will cover all three subseries. The long-term component
