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

S&P Global Ratings raised the short-term component of its dual rating on the New York City Municipal Water Finance Authority's water and sewer system second general resolution revenue bonds, adjustable-rate fiscal 2019 series BB, to 'AA+/A-1+' from 'AA+/A-1'. This rating action reflects our assessment of the replacement of the existing standby bond purchase agreement (SBPA) provided by Industrial and Commercial Bank of China, acting through its New York branch, with a new SBPA provided by TD Bank N.A. effective April 27, 2022, for the series 2019 BB bonds. The new SBPA provides an initial coverage for principal and 35 days' interest at a maximum annual rate of 9% for the purchase price of bonds not successfully remarketed. The SBPA provides

...S&P Global Ratings raised the short-term component of its dual rating on the New York City Municipal Water Finance Authority's water and sewer system second general resolution revenue bonds, adjustable-rate fiscal 2019 series ##, to '##+/A-1+' from '##+/A-1'. This rating action reflects our assessment of the replacement of the existing standby bond purchase agreement (SBPA) provided by Industrial and Commercial Bank of China, acting through its New York branch, with a new SBPA provided by TD Bank N.A. effective April 27, 2022, for the series 2019 ## bonds. The new SBPA provides an initial coverage for principal and 35 days' interest at a maximum annual rate of 9% for the purchase price of bonds not successfully remarketed. The SBPA provides coverage for the bonds during the daily, weekly, and two-day interest-rate modes. The SBPA is scheduled to expire on April 27, 2027, at which time we will remove the short-term component of the rating unless the SBPA is either extended, replaced, or...

Summary