S&P Global Ratings assigned its 'AA+/A-1' rating to the New York City Municipal Water Finance Authority's 2019 series BB water and sewer system second general resolution revenue bonds. The outlook is stable. The long-term component of our rating reflects the authority's second general resolution revenue bonds. The short-term component of the rating reflects our view of the standby bond purchase agreement (SBPA) provider's creditworthiness based on the lower of our short-term issuer credit rating (ICR) on Industrial and Commercial Bank Of China Ltd., the SBPA provider's parent, and our short-term foreign currency rating on the U.S., the jurisdiction where the SBPA provider is located. Industrial and Commercial Bank Of China, New York branch's SBPA will cover principal and 35 days'
