Standard&Poor's Ratings Services assigned its 'AA+/A-1' rating and stable outlook to New York City Municipal Water Financing Authority's (NYCMWFA) 2011FF-1 and 2011 FF-2 bonds. The long-term component of the rating is based on the fundamental credit strengths of NYCMWFA. The short-term component of the rating is based on two separate standby bond purchase agreements (SBPAs) provided by Bank of America N.A. (A-1) and KBC Bank N.V. (A-1), respectively. The SBPAs are providing for principal of, and a maximum of, 35 days' interest on unremarketed tendered bonds. The initial SBPAs, which are scheduled to expire on March 3, 2014, will provide coverage only for the bonds during the daily and weekly rate modes. The SBPA provider's obligation to purchase
