S&P Global Ratings assigned its 'AA+' rating to New York City Municipal Water Finance Authority's roughly $600 million series 2025CC water-and-sewer-system second general-resolution revenue bonds, issued for New York Water (NYW). The outlook is stable. All bondholders benefit from a gross revenue pledge and a statutory, perfected lien. The second-resolution bonds do not benefit from a debt-service-reserve fund. NYW plans to use series 2025CC bond proceeds to refund existing debt for savings. Current law does not authorize NYW or the board to declare bankruptcy. While S&P Global Ratings does not rate to recovery, we consider the presence of a statutorily perfected lien and limitations around bankruptcy positive structural provisions. The rating reflects our view of NYW's broad, diverse, and affluent
