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 2020EE water and sewer system second general resolution revenue bonds. The outlook is stable. The 2020EE bond proceeds will provide about $515 million in bond proceeds to refund existing second-resolution bonds for cost savings. 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 ICR on

...S&P Global Ratings assigned its '##+' rating to the New York City Municipal Water Finance Authority's (NYCMWFA, or New York Water) series 2020EE water and sewer system second general resolution revenue bonds. The outlook is stable. The 2020EE bond proceeds will provide about $515 million in bond proceeds to refund existing second-resolution bonds for cost savings. 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 ICR on the second general resolution (subordinate-lien) issues. The long-term ratings reflect the combination of an exceptionally strong enterprise risk profile and a very strong financial risk profile assessment, combined with additional...

Summary