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

S&P Global Ratings raised the short-term component of its dual rating on New York City Municipal Water Finance Authority's (NYCMWFA) fiscal 2007 series CC-2, fiscal 2014 series AA-4, and fiscal 2017 series BB-2 water-and-sewer-system second-resolution general-resolution revenue bonds to 'AA+/A-1+' from 'AA+/A-1'. The rating action reflects our assessment of the replacement of the existing standby-bond-purchase agreements (SBPAs) provided by Bank of Montreal, acting through its Chicago branch, for each series with new SBPAs provided by State Street Bank&Trust Co. on Jan. 20, 2022. The long-term component of the series 2007 CC-2, 2014 AA-4, and 2017 BB-2 bond ratings will continue to reflect our rating on NYCMWFA's revenue debt. The short-term component of the rating solely reflects the short-term

...S&P Global Ratings raised the short-term component of its dual rating on New York City Municipal Water Finance Authority's (NYCMWFA) fiscal 2007 series ##-2, fiscal 2014 series ##-4, and fiscal 2017 series ##-2 water-and-sewer-system second-resolution general-resolution revenue bonds to '##+/A-1+' from '##+/A-1'. The rating action reflects our assessment of the replacement of the existing standby-bond-purchase agreements (SBPAs) provided by Bank of Montreal, acting through its Chicago branch, for each series with new SBPAs provided by State Street Bank & Trust Co. on Jan. 20, 2022. The long-term component of the series 2007 ##-2, 2014 ##-4, and 2017 ##-2 bond ratings will continue to reflect our rating on NYCMWFA's revenue debt. The short-term component of the rating solely reflects the short-term rating on State Street Bank & Trust Co. The new SBPAs cover principal and 35 days' interest at a maximum 9% annual rate for the purchase price of bonds not successfully remarketed. The SBPA provides...

Summary