...S&P Global Ratings assigned its '##+' rating to the New York City Municipal Water Finance Authority's (NYCMWFA, or New York Water) series 2018EE water and sewer system second general resolution revenue bonds. The 2018EE bond proceeds will be used to refund certain outstanding first- and second-resolution bonds. The difference between the long-term ratings on the first- and second-resolution bonds reflects lien priority and the active use of both liens. We have applied our primary criteria to determine the entity's general creditworthiness (issuer credit rating [ICR]) and have applied this rating to the first general resolution (senior) issues. We also assigned a rating that is one notch lower than the rating on the second general resolution (subordinate-lien) issues. The long-term ratings reflect the combination of a very strong enterprise risk profile assessment, a very strong financial risk profile assessment, and additional credit strengths identified separately below. The very strong...
