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

S&P Global Ratings affirmed the short-term component of its 'AA+/A-1' rating on New York City Municipal Water Finance Authority's series 2013AA-2 water-and-sewer-system second general-resolution revenue adjustable-rate bonds. The rating action reflects our assessment of the replacement of the existing standby-bond-purchase agreement (SBPA) provided by MUFG Bank Ltd., formerly known as The Bank of Tokyo-Mitsubishi UFJ Ltd., acting through its New York branch, with a new SBPA provided by Barclays Bank PLC, effective 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 Barclays Bank PLC . The new SBPA covers principal and 35 days' interest at a

...S&P Global Ratings affirmed the short-term component of its '##+/A-1' rating on New York City Municipal Water Finance Authority's series 2013AA-2 water-and-sewer-system second general-resolution revenue adjustable-rate bonds. The rating action reflects our assessment of the replacement of the existing standby-bond-purchase agreement (SBPA) provided by MUFG Bank Ltd., formerly known as The Bank of Tokyo-Mitsubishi UFJ Ltd., acting through its New York branch, with a new SBPA provided by Barclays Bank PLC, effective 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 Barclays Bank PLC . 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...

Summary