Standard&Poor's Ratings Services assigned its 'AA+' long-term rating and stable outlook to New York City Municipal Water Finance Authority's (NYCMWFA) fiscal 2012 series AA second-general resolution water and sewer system revenue 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 difference between the ratings on the first- and second-resolution debt reflects lien priority and the active use of both liens. The long-term ratings reflect our opinion of the fundamental credit strengths of NYCMWFA, including: The bondholder protections provided by the issuer's legal and structural features, including a gross pledge of revenues that results in true separation from the utility's operating
