S&P Global Ratings assigned the 'AA+' long-term and 'A-1' short-term components of its dual rating on the New York City Municipal Water Finance Authority's water and sewer system revenue bonds, adjustable-rate fiscal 2015, subseries BB-4. The outlook on the long-term component is stable. The short-term component reflects the standby-bond-purchase agreement (SBPA) provided by Barclays Bank PLC, effective June 19, 2018. The long-term component of the rating is based on the obligor, the New York City Municipal Water Finance Authority. The short-term component of the rating reflects our assessment of the new SBPA provided by Barclays Bank. The new SBPA covers principal and 35 days' interest at a maximum 9% annual rate for the purchase price of bonds not successfully remarketed.
