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

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-1 adjustable-rate water and sewer system revenue bonds. The outlook is stable. The affirmation follows our review of an amendment to, and restatement of, the existing standby-bond-purchase agreement (SBPA) provided by U.S. Bank N.A., effective March 7, 2018. The long-term component of the rating continues to reflect the rating on NYCMWFA's credit characteristics. The short-term component of the rating reflects our assessment of the amended and restated SBPA provided by U.S. Bank N.A. The amended and restated SBPA covers principal and 35 days' interest at a maximum 9% annual rate for the purchase price of bonds not successfully

...The stable outlook reflects S&P Global Ratings' view of the stable outlook on NYCMWFA. Certain terms used in this report, particularly certain adjectives used to express our view on rating relevant factors, have specific meanings ascribed to them in our criteria, and should therefore be read in conjunction with such criteria....

Summary