S&P Global Ratings assigned its 'AA+' rating to New York City Municipal Water Finance Authority's anticipated $1.2 billion 2023 series DD water and sewer system second general resolution revenue bonds, issued on behalf of New York Water. The outlook, where applicable, is stable. The long-term ratings reflect our view of the general creditworthiness of first general resolution bonds for New York Water. We maintain a one-notch difference between the first ('AAA') and second ('AA+') general resolution bonds based primarily on the active utilization of both, even if most of the outstanding debt is second in priority. New York Water plans to use the second-lien series DD bond proceeds to refund certain outstanding bonds. The second resolution bonds do not benefit
