Standard&Poor's Ratings Services assigned its 'AA+' long-term rating and stable outlook to New York City Municipal Water Finance Authority's (NYCMWFA) series 2011GG bonds. We also affirmed the 'AAA' and 'AA+' long-term and underlying ratings (SPURs), with a stable outlook, on the authority's existing first- and second-resolution bonds, respectively. The long-term ratings are reflective of the fundamental credit strengths of NYCMWFA. 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 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
