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

S&P Global Ratings raised the short-term component of its rating on New York City Municipal Water Finance Authority's series 2008BB-1 water-and-sewer system second general resolution revenue adjustable-rate bonds to 'AA+/A-1+' from 'AA+/A-1'. The rating action reflects our assessment of the replacement of the existing standby-bond-purchase agreement (SBPA) provided by MUFG Bank Ltd. with a new SBPA provided by TD Bank N.A. on March 2, 2023. The long-term component of the bond ratings will continue to reflect our rating on the authority's revenue debt. The short-term component of the rating solely reflects the short-term rating on TD Bank N.A. The new SBPA covers principal and 35 days' interest at a maximum 9% annual rate for the purchase price of bonds not

...S&P Global Ratings raised the short-term component of its rating on New York City Municipal Water Finance Authority's series 2008BB-1 water-and-sewer system second general resolution revenue adjustable-rate bonds to '##+/A-1+' from '##+/A-1'. The rating action reflects our assessment of the replacement of the existing standby-bond-purchase agreement (SBPA) provided by MUFG Bank Ltd. with a new SBPA provided by TD Bank N.A. on March 2, 2023. The long-term component of the bond ratings will continue to reflect our rating on the authority's revenue debt. The short-term component of the rating solely reflects the short-term rating on TD Bank N.A. The new SBPA covers principal and 35 days' interest at a maximum 9% annual rate 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 expires March 2, 2028, at which time we will remove the short-term component of the rating unless the...

Summary