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) 2021 series CC and DD (including all subseries) water and sewer system second general resolution revenue bonds. The outlook is stable. The 2021 CC-1 and -2 bonds will provide about $450 million in new money for capital projects. The 2021CC-3 bonds and all subseries of the 2021DD bonds will refund about $928 million of existing second-resolution fixed-rate bonds for cost savings. As of February 2021, NYCMWFA has about $31.2 billion in total debt outstanding, $30.1 billion of which is second-resolution revenue debt. A first-lien pledge on the system's gross revenue secures the first-resolution debt. Our 'AAA' long-term ratings on

...S&P Global Ratings assigned its '##+' rating to the New York City Municipal Water Finance Authority's (NYCMWFA, or New York Water) 2021 series ## and DD (including all subseries) water and sewer system second general resolution revenue bonds. The outlook is stable. The 2021 ##-1 and -2 bonds will provide about $450 million in new money for capital projects. The 2021CC-3 bonds and all subseries of the 2021DD bonds will refund about $928 million of existing second-resolution fixed-rate bonds for cost savings. As of February 2021, NYCMWFA has about $31.2 billion in total debt outstanding, $30.1 billion of which is second-resolution revenue debt. A first-lien pledge on the system's gross revenue secures the first-resolution debt. Our '###' long-term ratings on outstanding first-resolution bonds differ from our '##+' long-term rating on second-resolution bonds, reflecting both the lien priority and active use of both liens. We have applied our primary criteria to determine the entity's general...

Summary