Standard&Poor's Ratings Services assigned its 'AA+' long-term rating to New York City Municipal Water Finance Authority, N.Y.'s 2011CC second-resolution water and sewer system bonds and affirmed its 'AAA' and 'AA+' long-term and underlying ratings (SPURs) on the authority's existing first- and second-resolution bonds. The outlook on all ratings is stable. The ratings on the first- and second-resolution bonds reflect our view of: The credit strengths provided by the issuer's legal and structural features; A gross pledge of revenues that results in true separation of the revenues from the utility's operating function when combined with the New York City Water Board's ability to raise rates (a true-up mechanism) and the segregation of funds; The system's fundamental strengths, characterized by
