S&P Global Ratings assigned its 'AAA/A-1' dual rating to the New York City Municipal Water Finance Authority's (NYW) $101.7 million adjustable-rate fiscal 2003 series F, subseries F-2, water and sewer system revenue bonds. The outlook on the long-term component of the rating is stable. The standby letter of credit (SLOC) covers principal and 35 days' interest at a maximum 9% annual rate for the purchase price of bonds not successfully remarketed. The SLOC covers bonds in the weekly interest-rate mode; during the rated modes, we think the SLOC coverage amount is sufficient to pay bond principal and maximum accrued interest. The new SLOC is scheduled to expire on Oct. 2, 2029, at which time we will remove the short-term component
