...S&P Global Ratings affirmed its '##+/A-1' dual ratings on the New York City Municipal Water Finance Authority's (the authority or New York Water) second general resolution series 2009BB (subseries 1 and 2) and series 2011 FF (subseries 2) water and sewer system revenue bonds. Both series of bonds are being reviewed due to standby bond purchase agreement (SBPA) substitutions. The rating action on the series 2009BB (subseries 1 and 2) bonds reflects our assessment of the replacement of the SBPA provided by Landesbank Hessen-Thnringen Girozentrale, acting through its New York Branch, with new SBPAs provided by UBS AG, Stamford Branch, effective May 27, 2021. The short-term component of the rating on the 2009 series ## (subseries 1 and 2) reflects our view of the creditworthiness of the SBPA provider, which is based on the lower of our short-term issuer credit ratings on UBS AG, the SBPA provider's parent, and our short-term foreign currency rating on the U.S., the jurisdiction where the SBPA...
