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

S&P Global Ratings assigned its 'AA+' rating to the New York City Municipal Water Finance Authority's (NYCMWFA, or New York Water) series 2019FF water and sewer system second general resolution revenue bonds. The outlook is stable. The 2019FF bond proceeds will be used to refund existing second-resolution bonds for cost savings and provide $150 million in new money for capital projects. 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) and have applied this rating to the first general resolution (senior) issues. We also assigned a rating that is one notch lower

...S&P Global Ratings assigned its '##+' rating to the New York City Municipal Water Finance Authority's (NYCMWFA, or New York Water) series 2019FF water and sewer system second general resolution revenue bonds. The outlook is stable. The 2019FF bond proceeds will be used to refund existing second-resolution bonds for cost savings and provide $150 million in new money for capital projects. 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) 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 very strong enterprise and financial risk profile assessments and additional credit strengths separately...

Summary